International Monetary Fund Managing Director Kristalina Georgieva warned on New Year’s Day that 2023 will be a difficult year for global economic development. Know more:
International Monetary Fund Managing Director Kristalina Georgieva warned on New Year’s Day that 2023 will be a difficult year for global economic development. “For the global economy, 2023 will be a tough year, tougher than the year we leave behind. We expect one-third of the world economy to be in recession,” Georgieva told CBS’s “Face the Nation” in an interview aired on January 1.
“In an annual report, the World Bank said it had slashed its forecast for global growth this year by nearly half, to just 1.7 percent, from its previous projection of 3 percent. If that forecast proves accurate, it would be the third-weakest annual expansion in three decades, behind only the deep recessions that resulted from the 2008 global financial crisis and the coronavirus pandemic in 2020.”
“Russia’s invasion of Ukraine has added major new costs,” World Bank President David Malpass said. “The outlook is particularly devastating for many of the poorest economies where poverty reduction is already ground to a halt and access to electricity, fertilizer, food and capital is likely to remain limited for a prolonged period.”
“The Philippine economy has shown strong underlying growth momentum and resilience in 2022 and this is expected to continue in 2023, with GDP growth converging towards its longer term growth rate of about 6 percent,” said ADB Philippines Country Director Kelly Bird. “There are downside risks to growth in 2023, including inflation stickiness, further increases in interest rates, and a sharper than expected slowdown in GDP growth in advanced countries.
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