The IMF warns that a third of the global economy will be in recession this year as the main engines of global growth – the United States, Europe and China – all see slowing activity.
The year 2023 will be “tougher than the year we leave behind,” the International Monetary Fund Managing Director Kristalina Georgieva said on Sunday.
“Why? Because the three big economies – the U.S., EU and China – are all slowing down simultaneously,” she said.
It comes as the world economy is being weighed down by the Ukraine crisis, rising prices, higher interest rates, and the spread of Covid in China.
The IMF downgraded its global economic growth forecast for 2023 in October.
“We expect one third of the world economy to be in recession,” Ms Georgieva said on the CBS news programme Face the Nation.
“Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” she added.
