One Third of Global Economy Expected to Be in Recession in 2023, Says IMF Head

The head of the International Monetary Fund (IMF), Kristalina Georgieva, has warned that one third of the global economy will be in recession in 2023. This prediction is due to the slowing economies of the US, EU, and China, as well as the ongoing conflict in Ukraine, rising prices, higher interest rates, and the spread of COVID-19 in China. In October, the IMF downgraded its global economic growth outlook for 2023 due to these factors. While China has started to reopen its economy, Georgieva has warned that the country, the world’s second largest economy, will face a difficult start to 2023. The IMF is an international organization with 190 member countries that work together to stabilize the global economy.

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