According to the International Monetary Fund’s (IMF) chief, this year will see a third of the world’s economy in a recession. As the economies of the US, EU, and China slump, 2023 will be “tougher” than last year, according to Kristalina Georgieva.
The global economy is currently being weighed down by the conflict in Ukraine, rising costs, higher interest rates, and the expansion of Covid in China. The IMF revised its forecast for 2023 global economic growth in October.
Ms. Georgieva said, “we predict one-third of the world economy to be in recession.” For hundreds of millions of people, it would feel like a recession even in nations that are not experiencing one.
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