IMF chief Kristalina Georgieva warns that a third of the world will experience a recession in 2023

According to the IMF chief, a third of the world’s economy will be in recession this year, and 2023 will be “tougher” than last year as the economies of the United States, the European Union, and China slow down.

These sorrowful statements were delivered on January 1 on the CBS television show “Face the Nation” by Kristalina Georgieva, the IMF’s chief. On the television broadcast, Ms. Georgieva stated, “We anticipate that one-third of the global economy will be in recession”.

It occurs at a time when the current conflict in Ukraine, which has lasted for more than ten months, is showing no signs of ending, as well as when there is a spike in coronavirus infections in China due to the Omicron strain, spiralling inflation, and increased interest rates.

This news is written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.