With the world's three largest economies slowing down, said the IMF managing director, economic conditions will 'feel like recession for hundreds of millions of people' this year.
With the world's three largest economies—the United States, European Union, and China—"all slowing down simultaneously," IMF Managing Director Kristalina Georgieva's "Face the Nation" Sunday, "even countries that are not in recession, it would feel like recession for hundreds of millions of people."
"It is likely that the world economy will face recession next year as a result of the rises in interest rates in response to higher inflation." The IMF is currently projecting that the world economy will face its weakest year since 2001, excluding the beginning of the coronavirus pandemic in 2020 and the 2007-08 global financial crisis.
In October, the financial institution announced that global economic growth was projected to fall to 2.7% in 2023 as the war in Ukraine continues and central banks including the U.S.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
One-third of world economy expected to be in recession in 2023, says IMF chiefThis year is going to be tougher on the global economy than 2022, the International Monetary Fund’s (IMF) chief Kristalina Georgieva has warned.
Read more »
World steps into 2023 after year of wars, disasters, World Cup in MideastWorld's eight billion people usher in 2023, bidding farewell to turbulent 12 months marked by war in Europe and Africa, catastrophic floods in Pakistan, Lionel Messi's glory in Qatar World Cup, and deaths of Queen Elizabeth, Pele and former pope Benedict
Read more »
Cities across the world ring in the new yearAs the clock begins to roll over into the year 2023 in time zones across the world, here's a look at how people are celebrating the New Year in various countries.
Read more »
World welcomes 2023, bids farewell to turbulent 12 monthsThe world has ushered in 2023, bidding farewell to a turbulent 12 months marked by war in Europe and Africa, stinging price rises, the Qatar World Cup, floods in Pakistan, and the deaths of Queen Elizabeth, Pele and former pope Benedict XVI.
Read more »
4 trends that could shake up the gaming world in 2023 | Digital TrendsDon't blink: 2023 could be another landmark year for the gaming world if these four trends hold strong.
Read more »