The International Monetary Fund said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.
International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia’s military operation of Ukraine would continue this year.
In a statement, Georgieva said the period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth.
However, she said some momentum comes from emerging economies – Asia especially is a bright spot. India and China are expected to account for half of the global growth in 2023. But others face a steeper climb.
Georgieva said slower growth would be a severe blow, making it even harder for low-income nations to catch She explained Poverty and hunger might further increase which is a dangerous trend that was started by the COVID crisis,”.
Her comments come ahead of next week’s spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy’s most pressing issues.
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