IMF predicts recession in 2023

International Monetary Fund (IMF), has predicted that one-third of the globe would slide into recession in 2023.

According to Kristalina Georgieva, Head of the International Monetary Fund, the world’s economy is in for a tougher year.

In IMF’s global economic growth outlook for 2023, Georgieva stated thus:

 “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.”

Georgieva also noted that the Chinese economy should also expect slow growth as they continue to fight the pandemic that has affected production.

“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”

“The US stands a better chance of escaping global contractions due to its resilient labour market”. The US economy is remarkably resilient and may avoid recession. We see the labour market remaining quite strong”.

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