IMF: 2023 will be tougher than 2022 for the world's economies

IMF managing director Kristalina Georgieva

Global economies are facing an even tougher 12 months than the one just past as the core powerhouse economies are all in decline, simultaneously.

In an interview with CBS, International Monetary Fund managing director Kristalina Georgieva said: "For most of the world economy this is going to be a tough year; tougher than the year we leave behind. Why? Because the three big economies - US, China and EU - are all slowing down simultaneously." The institution is projecting global growth to be down to 2.7%, or even lower, by the end of the year, dropping from 3.2% in 2022. This was a long way off the 6% seen back in 2021. By October last year, the IMF had downgraded its outlook for global economic growth for this year three times, ...