The worst is yet to come for the world economy as war in Ukraine continues, the International Monetary Fund has warned.
The global economy will feel like a recession for many people in the years to come, according to its assessment.
The impact of Russia's invasion of Ukraine has caused the body to lower its economic growth forecasts.
Next year the UK is expected to grow by less than 1%.
The 3.6% rate of growth for the UK economy is expected to be slashed by the International Monetary Fund.
The analysis does not take into account the mini-budget of the chancellor.
The government's plans to cut taxes are likely to fuel the cost-of-living crisis according to the International Monetary Fund.
The International Monetary Fund said the proposal was likely to increase inequality and make it harder for people to make ends meet.
One of the main roles of the International Monetary Fund is to act as an economic warning system.
The government's package was intended to boost growth, but it said that the tax cuts could speed up the pace of price increases, which the central bank is trying to bring down.
Pierre-Olivier Gourinchas said policymakers need to keep a steady hand as storm clouds gather.
Despite the fact that the tax package caused turmoil on financial markets, it was acknowledged that it would lift growth.
The fight against inflation will be intensified by the measures, which measure how the cost of living changes over time.
Governments need to protect the least well-off from higher prices, according to the International Monetary Fund.
It pointed out that poor households spend more on food, heating, and fuel than other households because of the high price of energy and grain.
The reliability of Russian gas in Europe is being badly affected. The German economy is predicted to contract next year.
Russia's economy is expected to contract by 2.3% next year, making it the largest fall of all the nations included in the projections.
Kristalina Georgieva, the head of the International Monetary Fund, said on Monday that growth was being dragged down in China by continued Covid restrictions, while in the US rising interest rates were starting to bite.
She said that countries could reduce the pain ahead of them by acting together.
She said that the International Monetary Fund will be pushing for major economies to continue with their efforts to bring down the cost of living even if they have a negative impact on the economy.
We are in trouble if they don't do enough. Inflation can't be a runaway train.
Measures should be well targeted to make sure they don't push prices up more.
The chancellor said on Monday that he would bring forward his plan for balancing the government's finances by a month to October in order to assure markets.
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