\n
\u00a0<\/p>\n
The head of the International Monetary Fund (IMF) has warned that this year will be tougher than 2022 for most of the global economies as the United States, European Union and China see slowing growth.<\/p>\n
IMF Managing Director Kristalina Georgieva said 2023 will be a \u201ctough year\u201d, with one-third of the world\u2019s economies expected to be in recession.<\/p>\n
\u201cWhy? Because the three big economies, [the] US, EU, China, are all slowing down simultaneously,\u201d Georgieva said during an appearance on the CBS programme \u201cFace the Nation\u201d on Sunday.<\/p>\n
The remarks come after the IMF in October cut its global growth forecast to 2.7 percent, down from 2.9 percent forecast in July, amid headwinds including the war in Ukraine and sharply rising interest rates.<\/p>\n
Georgieva said that China, the world\u2019s second-largest economy, is likely to grow at or below global growth for the first time in 40 years as COVID-19 cases surge following the dismantling of its ultra-strict \u201czero-COVID\u201d policy.<\/p>\n
\u201cThat has never happened before. And looking into next year, for three, four, five, six months the relaxation of COVID restrictions will mean bushfire COVID cases throughout China,\u201d Georgieva said. \u201cI was in China last week, in a bubble in the city where there is \u2018zero COVID\u2019. But that is not going to last once the Chinese people start travelling.\u201d<\/p>\n
Georgieva said that she is expecting China\u2019s growth to improve towards the end of the year but there are concerns about its longer-term trajectory.<\/p>\n
\u201cBefore COVID, China would deliver 34, 35, 40 percent of global growth. It is not doing it anymore. It is actually quite a stressful for \u2026 the Asian economies. When I talk to Asian leaders, all of them start with this question, \u2018What is going to happen with China? Is China going to return to a higher level of growth?\u2019\u201d<\/p>\n
Meanwhile, the EU has been especially hard hit by the war in Ukraine, with half of the bloc expected to be in recession this year, Georgieva said.<\/p>\n
The IMF chief said, however, that the US economy has stood out for its resilience and could outright avoid contraction this year.<\/p>\n
\u201c\u200b\u200bThe US is most resilient. The US may avoid recession,\u201d she said.<\/p>\n
According to her, \u201cWe see the labour market remaining quite strong. This is, however, [a] mixed blessing because if the labour market is very strong, the Fed may have to keep interest rates tighter for longer to bring inflation down.\u201d<\/p>\n
By Vincent Kubi<\/strong><\/p>\n\n\t<\/div>\n
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\u00a0 The head of the International Monetary Fund (IMF) has warned that this year will be tougher than 2022 for most of the global economies as the United States, European Union and China see slowing growth. IMF Managing Director Kristalina Georgieva said 2023 will be a \u201ctough year\u201d, with one-third of the world\u2019s economies expected […]<\/p>\n","protected":false},"author":1,"featured_media":1147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1146","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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