One third of world economy expected to be in recession in 2023, says IMF chief

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This year is going to be tougher on the global economy than the one we have left behind, the International Monetary Fund’s (IMF) chief Kristalina Georgieva has warned.

“Why? Because the three big economies, US, EU, China, are all slowing down simultaneously,” she said in an interview that aired on CBS Sunday.

“We expect one third of the world economy to be in recession,” she said, adding that even for countries that are not in recession: “It would feel like recession for hundreds of millions of people.”

The IMF currently projects global growth to be at 2.7% this year, slowing from 3.2% in 2022.