The International Monetary Fund has said that it expects inflation pressures to be significant around the world in 2022. Inflation is predicted to be worse in developing economies, where price increases are projected to reach 9.9% on average over the course of this year. In developed nations, this number was put at 7.2% by the IMF, Statista said in a note on October 20.
After the invasion of Ukraine by Russia in February, the organisation revised its inflation projections upwards – by 3.3% for developed countries and 4% for developing nations. This shows that even before the war in Ukraine disrupted global energy and food supplies, inflation projections had already been quite high as supply chains overstretched by restocking needs after the end of major coronavirus (COVID-19) lockdowns had already caused inflation to rise to levels not seen since the aftermath of the Great Recession. Because many developing nations are experiencing economic growth, inflation is generally higher on average in this group of countries. But this doesn't mean that inflation cannot hit non-industrialised countries hard if it happens at a time when their economies are struggling.
Countries experiencing conflict, upheaval or major economic problems in 2022 are expected to see inflation rates far above the global average of 8.8%. Among them are Venezuela, Sudan, Zimbabwe, Turkey and Argentina. 95 countries – from the developed and the developing world – are projected to see inflation above 5% but below 10%. This is more than the around 80 that are expected to keep inflation at or below the 5% mark.
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