IMF chief warns global recession this year

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

Georgieva came up with the remark in an interview with US TV network CBS that aired on Sunday.

2023 will be ‘tougher’ than last year as the US, EU and China see their economies slow. It comes as the war in Ukraine, rising prices, higher interest rates and the spread of Covid in China weigh on the global economy, she said.

In October the IMF cut its global economic growth outlook for 2023.

“Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” she added.