Global economy faces tougher year in 2023, says IMF Chief

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said the three big economies the United states, Europe and China are all slowing down simultaneously. For much of the global economy, 2023 is going to be a tough year as the main engines of global growth.

In October, the IMF cut its outlook for global economic growth in 2023, reflecting the continuing drag from the war in Ukraine as well as inflation pressures and the high interest rates engineered by central banks like the US Federal Reserve aimed at bringing those price pressures to heel. Since then, China has scrapped its zero-Covid policy and embarked on a chaotic reopening of its economy, though consumers there remain wary as coronavirus cases surge.