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The International Monetary Fund now forecasts global GDP growth to slow dramatically from the 6 percent in 2021 to 3.2 percent in 2022 and an even lower 2.7 percent in 2023.
In recent decades, many Americans forgot the economic disruption that inflation can bring. It has remained only a distant threat—until now.
The world faces multiple challenges for the balance of 2022, into 2023, and it may even extend into 2024. Multiple negative forces are combining to slow the dramatic growth of the pre-pandemic decade.
The National Retail Federation discusses the future of the economy in the July issue of their Monthly Economic Review.
April retail sales as calculated by NRF were up 0.9 percent seasonally adjusted from March and 6.4 percent year over year.
Top challenges have shifted from COVID-19 to inflation and the war in Ukraine, but the US economy will continue to face uncertainties in the year ahead.
The United States appears to be at the midpoint of an economic cycle that should continue to see growth, according to the NRF.