A third of the world will go into recession in 2023, says the IMF
“For most of the world economy, this is going to be a tough year - tougher than the year we leave behind. Why? Because the three big economies - the US, the EU, and China - are all slowing down simultaneously.“ said Georgieva, Managing Director, IMF.
Half of the EU will go into recession in 2023, Georgieva says, while for the first time in 40 years, growth in China - the world’s second-largest economy - is not likely to exceed global growth due to a ‘bushfire’ of infections as the nation ends its zero-COVID policy.
Even many nations not in a recession this year will ‘feel like’ they are emerging markets, and developing economies could be ‘devastated’ by high-interest rates. However, a resilient US economy may help lead the world through a difficult year. Watch the video for more details about the possibility of a recession in 2023.
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