The world economy is going to be worse in the year 2023 than in 2022. Kristalina Georgieva, head of the International Monetary Fund (IMF), has said that in 2023 one-third of the world will be in recession. Even in countries where there will be no recession, people will have to face deteriorating economic conditions. He attributed this to the slowing economy of China, America, and the European Union.
He said that the Ukraine war, rising inflation, rising interest rates, and the arrival of the Corona epidemic in China will also affect the world economy.
The next few months will be difficult for China
Kristalina said that the next few months are going to be difficult for China. For the first time in 40 years, China's economic growth may be lower than that of the world. In December 2022, manufacturing activities in China reached the lowest level in the last three years. According to an estimate by the BBC, a decline in house prices has been registered in the last 6 months in 100 big cities in China. All this will have an impact on the global economy as well.
Europe is bound to fall into a recession
Kristalina said that amid the Ukraine war, inflation, and rising interest rates, there will be a recession in Europe. IMF has already reduced the forecast of economic growth for the year 2023.
America's economy will remain flexible
The IMF head said that the US economy is resilient and can survive the recession. The labor market there is still very strong. But to keep inflation under control, the Federal Bank will have to keep interest rates high.
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