IMF Managing Director Kristalina Georgieva says one-third of world’s economies expected to be in recession this year.
This year will be tougher than 2022 for most of the global economy as the United States, European Union and China see slowing growth, the head of the International Monetary Fund (IMF) has warned.
IMF Managing Director Kristalina Georgieva said 2023 will be a “tough year”, with one-third of the world’s economies expected to be in recession.
“Why? Because the three big economies, [the] US, EU, China, are all slowing down simultaneously,” Georgieva said during an appearance on the CBS program “Face the Nation” on Sunday.
The remarks come after the IMF in October cut its global growth forecast to 2.7 percent, down from 2.9 percent forecast in July, amid headwinds including the war in Ukraine and sharply rising interest rates.
Georgieva said that China, the…
