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'A third of the world in recession'/ IMF warns: Major economies will shrink in 2023

2023-01-02 12:54:00, Ekonomi CNA
'A third of the world in recession'/ IMF warns: Major economies will
IMF

The National Monetary Fund has warned that during this year, the economy will be in recession.

Kristalina Georgieva has stated that 2023 will be more difficult than last year, as the United States, the European Union and China are seeing their economies slow down.

The warning comes as the war in Ukraine, rising prices, rising interest rates and the spread of COVID in China are increasingly weighing on the global economy.

"We expect that one third of the world economy will be in recession", Georgieva stated in an interview for "CBS News".

Only in October, the IMF cut the economic growth forecast for 2023.

"Even in countries that are not in recession, the backwardness will be felt by millions of people", added Georgieva.

The head of the Fund has added that China in particular, the second largest economy in the world, will face a difficult start in 2023.

"The coming months will be difficult for China and the impact on Chinese economic growth will be negative for the country, the region and the entire globe," Georgieva continued.

The IMF is an international organization with 190 member countries that work together to stabilize the global economy. One of its main tasks is to act as a preventive system. /CNA.al Source: Euronews

 





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