One-third of the world economy to be in recession: IMF Head

One-third of the world economy to be in recession: IMF Head

The head of IMF(International Monetary Fund) Kristalina Georgieva warned that one-third of the world economy to be in recession this year i.e 2023.

She said, 2023 will be “tougher” than last year as the US, EU and China see their economies slow.

On the CBS news programme Face the Nation, Kristalina Georgieva said-

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

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

Katrina Ell, an economist at Moody’s Analytics in Sydney, gave the BBC her assessment of the world economy.

“While our baseline avoids a global recession over the next year, odds of one are uncomfortably high. Europe, however, will not escape recession and the US is teetering on the verge,” she said.

Ms Georgieva warned that China, the world’s second-largest economy, would face a difficult start to 2023.

“For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,” she said.

 

 

 

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