World News
IMF: One-third of the Countries will be in Economic Recession.
IMF: One-third of the countries will be in economic recession.
IMF: One-third of the Countries will be in economic recession.
Kristalina Georgieva the IMF’s managing director, said one-third of the world’s countries will be experiencing an economic downturn by 2023.
A worse economic crisis is expected than the one that affected the US, the EU, and China last year. In the upcoming months, the situation in China will deteriorate rapidly. The growth of China will decline. This will undoubtedly have a negative impact on global growth, she added. NewsReport gathered
Kristalina said this in view of the ten-month long Ukraine-Russia war, rising prices, rising interest rates, and the spread of the coronavirus.
Billions of people in countries not directly affected by the recession will also suffer. The IMF had cut the growth rate for 2023. The growth rate, which was six percent, was reduced to 3.2 percent in 2021 and 2.7 percent in 2022. The growth rate has come down sharply since the spread of covid started.
