With the exception of Greece, none of the world’s top 10 economies is doing well in recent years, according to a new report from the International Monetary Fund.
The world’s three fastest-growing economies — China, India and Brazil — are also among the top 10 in terms of economic growth.
In its annual World Economic Outlook, the IMF noted that “a global slowdown in growth, and especially in emerging economies, is leading to a rapid deterioration in living standards for many people around the world.”
That deterioration has been particularly acute in sub-Saharan Africa and the Middle East, where economic growth has been cut by nearly half since 2008.
The IMF also said that the economic decline is likely to persist even as the world economy recovers.
And while the global economic recovery has been swift, there are signs that the global economy is slowing as well, it said.
The world economy grew by 0.8 percent in the first quarter of 2018, but is expected to grow by only 0.2 percent in 2019, the International Trade Union Confederation said.
And the report said that “the pace of economic recovery in the last few years is likely, as the global recession has begun to cool and there are indications that the world may soon be in a recovery.”
While the IMF says that economic growth is still “substantial,” it warned that the “tipping point” has been reached and it is now important that “people do not fall behind.”
“The economic recovery will not be sustainable if economic growth falls below 6 percent per year,” the report noted.
“In the medium term, the pace of growth is likely lower than 6 percent.
If the global recovery stalls, it could lead to a severe global recession.”
While there are encouraging signs of economic revival in the global south, the outlook for the global north is also grim, according the IMF.
The report notes that while the U.S. has experienced strong economic growth in the past few years, its recovery has come at a cost.
The country has been one of the fastest-shrinking economies in the world, the report says.
And while the economy has picked up since the financial crisis, there is a risk that its recovery will stall or slow down further if the global financial system remains in an “imperiled state,” it said, adding that it would be “extremely difficult to achieve a sustainable recovery in a period of high uncertainty.”
The IMF said that economic reforms will be crucial to reversing the global trend toward slower economic growth, especially if the financial system continues to collapse.
The country is in the process of negotiating a major overhaul of the financial markets to restore confidence in the system, it added.
“We remain optimistic that the next few years will be one of rapid economic recovery, with global economic growth reaching 5 percent by 2020, a level not seen since the 1970s,” the IMF said.