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IMF Chief urges action as global recession risks rise

International Monetary Fund Chief Kristalina Georgieva said yesterday that risks to global financial stability have increased and urged continuous vigilance.

The managing director of the IMF said that 2023 would be another difficult year, with global growth slowing to below three percent as a result of the pandemic’s residual effects, the conflict in Ukraine and monetary tightening.

She stated at the China Development Forum that even with a more optimistic outlook for 2024, global growth will still be much below the historical average of 3.8 Percent and the overall outlook will remain poor.

She added, policymakers in advanced economies had responded decisively to financial stability risks in the wake of bank collapses but even so vigilance was needed.

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