Third of world heading for recession, IMF chief warns
January 2, 2023 7:27 pmInternational Monetary Fund“We expect one third of the world economy to be in recession,” she said. Countries who avoided economic grief would not escape she added: “It would feel like recession for hundreds of millions of people.”
A slowdown in China will have a worldwide impact, she said. The world’s second-largest economy suffered last year because of its strict zero-Covid policy, which left China out of sync with the rest of the world, disrupting supply chains and damaging the flow of trade and investment across the globe., which has been hit hard by the war in Ukraine. “Half of the European Union will be in recession,” Georgieva said.
“For the first time in 40 years China’s growth in 2022 is likely to be at or below global growth. Before Covid, China would deliver 34, 35, 40 per cent of global growth. It is not doing it any more.”IMF managing director Kristalina Georgieva warned of a global economic slowdown there in the months ahead is likely to further hit its economy this year and drag on both regional and global growth, said Georgieva, who travelled to China on IMF business last month.
“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,” she said.
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