The International Monetary Fund (IMF) lowered its forecast of the US economic growth for 2022 and 2023 and raised its unemployment rate forecast through 2025, warning that a broad-based rise in inflation brought systemic risks to both the US and the global economy.

The IMF said the US GDP was expected to grow by 2.3% this year, lower than its June forecast of 2.9%. The IMF also raise the US’ unemployment rate forecast to 3.7%, up from the previous forecast of 3.2%. Moreover, the figure was expected to exceed 5% in 2024 and 2025.

The IMF believed that it is more and more challenging for the US to avoid an economic recession as the Russian-Ukrainian war, the continuous epidemic, and supply chain restrictions posed additional obstructions to the economy.