Recession will hit a third of the global economy in 2023: IMF

Washington : The head of the International Monetary Fund (IMF) has predicted that one-third of the global economy will be in recession this year and warned that 2023 will be “tougher” than 2022 as the economies of the United States (US), European Union (EU), and China (China) slow down.

IMF Managing Director Kristalina Georgieva made the gloomy predictions on Sunday’s “Face the Nation” on CBS. More than ten months into the conflict, the situation in Ukraine shows no signs of improving, inflation and interest rates are rising, and the Omicron variant of the coronavirus is causing an outbreak of infections in China.

On the news show, Kristalina Georgieva predicted that “one-third of the world economy” would be experiencing a recession.

She predicted that 2023 would be more challenging than 2022 because of slowing economies in the United States, the European Union, and China.

For hundreds of millions of people, she said, “even in countries that are not in recession, it would feel like a recession.”