The new year is going to be more difficult financially than the previous years. IMF Managing Director Kristalina Georgieva said these things during CBS Sunday's Face the Nation program. The IMF MD said on Sunday that in the year 2023, the major engines of global growth are showing weakness in the economies of America, Europe, and China. He has told that there is a slowdown in all three big economies of the world America, the EU, and China.
The International Monetary Fund has cut its global growth forecast for the year 2023. This situation has arisen due to the Russia-Ukraine war, rising inflation, and increasing interest rates by central banks such as the US Federal Reserve to control it.
Consumers are worried about the rising number of Covid cases in China despite the end of the Zero Covid policy and the opening up of the economy. In his first address on the new year after the change in Kovid policy, Chinese President Xi Jinping said on Saturday that we are entering a new era, which will require more efforts and unity.
Georgieva has said that for the first time in 40 years, in 2022, China's growth may be equal to or less than global growth. He said that in the coming months, another wave of Covid infection could affect China's economy. This is expected to affect both regional and global development. Let us tell you that the IMF chief visited China at the end of last month.
He said, “I was in China last week amidst the Corona wave, at that time the Zero Kovid policy was in force. The chances of getting relief for a longer period after people start traveling are slim. The coming few months are going to be painful for China. China's growth rate will remain negative. It will also hurt the entire region and global development.
In October, the IMF projected China's growth rate to be 3.2% for the previous year based on its Global Outlook for 2022. At that time, the growth rate of China was also said to increase to 4.4% in 2023. However, after that, there has been a weakness in global activities. Now the latest comments from the IMF chief suggest that China and global growth projections may see further cuts. It will issue its updated estimates during the World Economic Forum in Davos, Switzerland this month.
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