One-third of global economy to be in recession 2023 ─IMF Chief

*Kristalina Georgieva, Managing Director of the International Monetary Fund, warns of tough conditions for the global economy in the New Year 2023

Isola Moses | ConsumerConnect

International Monetary Fund (IMF) MAnaging Director Kristalina Georgieva has said that 2023 is going to be a tough year for the global economy as the United States (US), China and Europe are experiencing a slowdown.

The Managing Director of IMF, who said this on the CBS Sunday morning news programme, “Face the Nation”, stated “because the three big economies—the US, EU, and China—are all slowing down simultaneously.

“We expect one-third of the world economy to be in recession.

“Even in countries that are not in a recession, it would feel like a recession for hundreds of millions of people.”

Georgieva also stressed “for the first time in 40 years, China’s growth in 2022 is likely to be at or below global growth.”

The IMF Chief stated the Asian country of 1.4 billion still reels under a Coronavirus (COVID-19) explosion since opening up three years into the pandemic.

It is recalled the IMF, October 2022, had cut its outlook for global economic growth for 2023, reflecting the continuing Russian war in Ukraine as well as global inflationary trend.

ConsumerConnect reports the IMF is an international organisation with 190 member countries.

The member countries work together to try to stabilise the global economy.

One of the Fund’s key roles is to act as an early economic warning system to countries around the world.