The IMF president predicted that this year will see a third of the world’s countries in recession and warned that 2023 will be “tougher” than last year due to the slowing of the economies of the US, EU, and China.

The head of the (IMF), Kristalina Georgieva, delivered these sobering statements on Sunday during the CBS news programme “Face the Nation.”

It occurs at a time when the current crisis in Ukraine. This has lasted for more than ten months, is showing no signs of ending. As well as when there is a spike in coronavirus infections in China. Due to the Omicron strain, spiralling inflation, and increased interest rates.

On the television show, Georgieva stated, “We anticipate that one-third of the global economy will be in recession.
The weakening economies of the US, the EU, and China. She predicted that 2023 will be more difficult than last year.

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

Also Read: Global Warning: Year 2023 may witness another recession

The IMF revised its growth projection for 2023 in October of last year

“From 6% in 2021 to 3.2% in 2022 and 2.7% in 2023, global growth is projected to decline. This growth profile is the worst. Since 2001 when compared to the global financial crisis and the severe COVID-19 outbreak “.

Following a surge of anti-government rallies in the nation, China has abandoned its zero Covid policy and opened its economy.
She said, “It would be difficult for China for the next couple of months, and the impact on Chinese economy would be bad, the impact on the region would be negative, and the impact on global growth would be terrible.”

According to Georgieva, the US economy is holding on its own and may avoid the outright recession. Which is afflicting as much as a third of the world’s economies. The “The US “may avoid recession” because it is the most resilient, she added. The labour market is expected to continue to be extremely robust.”