IMF says one-third of the world faces recession in 2023




Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has warned that a third of the global economy will face recession this year.

Speaking in an interview with CBS, the IMF top boss said economic activities in the United States, the European Union, and China are all slowing simultaneously.

We expect one-third of the world economy to be in recession,” the IMF managing director said.

Half of the European Union will be in a recession this year.”

She added that the quick spread of Covid-19 in China poses fresh economic blow in the short term.

Georgieva stated that the next two months will be specially “tough for China” because of the rapid spread of the fatal virus.


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