Nov 30 Reuters Citigroup on Wednesday forecast global growth to slow to below 2 next year, echoing similar projections by major financial institutions such as Goldman Sachs, Barclays, and J.P. Morgan.

Strategists at the brokerage cited continued challenges from the COVID19 pandemic and the RussiaUkraine war which skyrocketed inflation to decadeshigh levels and triggered aggressive policy tightening as reasons behind the outlook.

We see global performance as likely being plagued by 39;rolling39; countrylevel recessions through the year ahead, said Citi strategists, led by Nathan Sheets.

While the WallStreet investment bank expects the U.S. economy to grow 1.9 this year, it is seen more than halving to 0.7 in 2023.

It expects yearonyear U.S. inflation at 4.1 next year, with the U.S. Federal Reserve39;s terminal rate seen between 5.25 and 5.5.

Among other geographies, Citi sees the UK and euro area falling into recession by the end of this year, as both economies face the heat of energy constraints on supply and demand front, along with tighter monetary and fiscal policies.

For 2023, Citi projects UK and euro area to contract 1.5 and 0.4, respectively.

In China, the brokerage expects the government to soften its zeroCOVID policy, which is seen driving a 5.6 growth in gross domestic product next year.

Emerging markets, meanwhile, are seen growing 3.7, with India39;s 5.7 growth slower than this year39;s 6.7 prediction seen leading among major economies….