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The global financial institution said that without significant policy changes, the archipelago nation's overall fiscal deficits and public debt are projected to stay elevated.
It's been three weeks of banking turbulence. On Monday, North Carolina-based First Citizens Bank announced it had agreed to purchase Silicon Valley Bank while the chairman of Saudi National Bank, the main shareholder of troubled lender Credit Suisse, resigned
The report also highlighted that the global economic recovery has been uneven, with some countries and sectors recovering faster than others. This uneven recovery has led to growing economic imbalances and vulnerabilities, which could increase the risks of financial instability.
Surging food and energy prices stoked by the war in Ukraine may lead to "social unrest" in Africa, the International Monetary Fund warned.