IMF warning: news “2023 will be more challenging.” Last Minute WORLD headlines and events

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IMF Director Kristalina Georgieva said 2023 will be a difficult year. Saying that America, Europe and China, which she calls the main drivers of global growth, are experiencing weakness, Georgieva stressed that this year will be more difficult than last.

This was stated by the director of the IMF to the American television channel CBS.

Georgieva: Why? Because the three major economies — America, the European Union and China — are slowing down at the same time.”

In October, the IMF lowered its global economic growth forecast for 2023. The reason for this was the war in Ukraine, inflationary pressure and high interest rates, which were increased by the intervention of central banks.

China recently abandoned its zero-Covid policy and somewhat chaotically reopened its economy.

However, consumers are concerned about the number of cases. President Xi Jinping said in his first statement since the Covid policy change that his country has entered a new phase.

Georgieva, on the other hand, notes that for the first time in 40 years, China will have the same or lower growth rate than global growth.

The IMF director noted that a further increase in the number of Covid cases in China is expected in the coming months, which is likely to further affect the Chinese economy.

This will also affect regional and global growth, Georgieva said.

Recalling that he was in China last week, the IMF director said that he was in a city where there were no cases of Covid-19, but with the start of the trip, the situation will not remain the same.

Noting that the next few months will be difficult for China, Georgieva stressed that the impact of China’s growth rate will be negative, its impact on the region will be negative, and its impact on global growth will be negative.

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