{"id":996,"date":"2023-01-02T15:40:00","date_gmt":"2023-01-02T15:40:00","guid":{"rendered":"https:\/\/ghnewsbay.com\/?p=996"},"modified":"2023-01-02T15:40:00","modified_gmt":"2023-01-02T15:40:00","slug":"2023-to-be-tougher-for-global-economy-than-2022-imf-chief-says","status":"publish","type":"post","link":"https:\/\/ghnewsbay.com\/?p=996","title":{"rendered":"2023 to be tougher for global economy than 2022, IMF chief says"},"content":{"rendered":"<p>&nbsp;<img fetchpriority=\"high\" alt=\"International Monetary Fund Managing Director Kristalina Georgieva has warned of tough conditions for the global economy in 2023 [File: Jonathan Ernst\/Reuters]\" class=\"attachment-jannah-image-post size-jannah-image-post wp-post-image\" decoding=\"async\" height=\"470\" is_main_img=\"1\" src=\"https:\/\/i0.wp.com\/asaaseradio.com\/wp-content\/uploads\/2023\/01\/IMF-boss.webp?resize=770%2C470&amp;ssl=1\" style=\"background-color: white; border: 0px none; box-sizing: border-box; color: #2c2f34; font-family: Nunito; font-size: 13px; height: auto; list-style: none; margin: 0px; max-width: 100%; outline: none; padding: 0px; width: 780px;\" width=\"770\" \/><\/p>\n<div style=\"background-color: white; border: 0px; box-sizing: border-box; color: #2c2f34; font-family: Nunito; font-size: 15px; line-height: 26px; list-style: none; margin: 0px; outline: none; padding: 0px 0px 30px;\">\n<div style=\"border: 0px; box-sizing: border-box; list-style: none; margin: 0px auto 30px; outline: none; padding: 0px; position: relative; text-align: center; z-index: 2;\"><\/div>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">This year will be tougher than 2022 for most of the global economy as the United States, European Union and China see slowing growth, the head of the International Monetary Fund (<a href=\"https:\/\/asaaseradio.com\/imf-urges-bog-other-central-banks-to-stick-to-monetary-plan-to-tame-inflation\/\" style=\"background-color: transparent; border: 0px; box-sizing: border-box; color: #eea923; list-style: none; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.15s ease 0s;\">IMF<\/a>) has warned.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">IMF Managing Director Kristalina Georgieva said 2023 will be a \u201ctough year\u201d, with one-third of the world\u2019s economies expected to be in recession.<span style=\"border: 0px; box-sizing: border-box; list-style: none; margin: 0px; outline: none; padding: 0px;\"><\/span><\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">\u201cWhy? Because the three big economies, [the] US, EU, China, are all slowing down simultaneously,\u201d Georgieva said during an appearance on the CBS programme \u201cFace the Nation\u201d on Sunday.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">The remarks come after the IMF in October cut its global growth forecast to 2.7 percent, down from 2.9 percent forecast in July, amid headwinds including the war in Ukraine and sharply rising interest rates.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">Georgieva said that China, the world\u2019s second-largest economy, is likely to grow at or below global growth for the first time in 40 years as&nbsp;<a href=\"https:\/\/asaaseradio.com\/ghana-to-review-covid-19-protocols-over-global-surge\/\" style=\"background-color: transparent; border: 0px; box-sizing: border-box; color: #eea923; list-style: none; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.15s ease 0s;\">COVID-19<\/a>&nbsp;cases surge following the dismantling of its ultra-strict \u201czero-COVID\u201d policy.<\/p>\n<div style=\"border: 0px; box-sizing: border-box; clear: both; list-style: none; margin: 6px auto; outline: none; padding: 0px; position: relative; text-align: center; z-index: 2;\"><\/div>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">\u201cThat has never happened before. And looking into next year, for three, four, five, six months the relaxation of COVID restrictions will mean bushfire COVID cases throughout China,\u201d Georgieva said. \u201cI was in China last week, in a bubble in the city where there is \u2018zero COVID\u2019. But that is not going to last once the Chinese people start travelling.\u201d<\/p>\n<div style=\"border: 0px; box-sizing: border-box; clear: both; list-style: none; margin: 6px auto; outline: none; padding: 0px; position: relative; text-align: center; z-index: 2;\"><\/div>\n<h4 style=\"border: 0px; box-sizing: border-box; font-size: 17px; line-height: 1.4; list-style: none; margin: 0px 0px 0.5em; outline: none; padding: 0px;\">Concerns<\/h4>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">Georgieva said that she expected China\u2019s growth to improve towards the end of the year but there are concerns about its longer-term trajectory.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">\u201cBefore COVID, China would deliver 34, 35, 40 percent of global growth. It is not doing it anymore. It is actually quite a stressful for \u2026 the Asian economies. When I talk to Asian leaders, all of them start with this question, \u2018What is going to happen with China? Is China going to return to a higher level of growth?\u2019\u201d<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">Meanwhile, the EU has been especially hard hit by the war in&nbsp;<a href=\"https:\/\/asaaseradio.com\/52-2-of-ghanaians-blame-covid-19-russia-ukraine-war-for-hardship-research-shows\/\" style=\"background-color: transparent; border: 0px; box-sizing: border-box; color: #eea923; list-style: none; margin: 0px; outline: none; padding: 0px; text-decoration-line: none; transition: all 0.15s ease 0s;\">Ukraine<\/a>, with half of the bloc expected to be in recession this year, Georgieva said.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">The IMF chief said, however, that the US economy has stood out for its resilience and could outright avoid contraction this year.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">\u201c\u200b\u200bThe US is most resilient. The US may avoid recession,\u201d she said.<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">\u201cWe see the labour market remaining quite strong. This is, however, [a] mixed blessing because if the labour market is very strong, the Fed may have to keep interest rates tighter for longer to bring inflation down.\u201d<\/p>\n<p style=\"border: 0px; box-sizing: border-box; line-height: 26px; list-style: none; margin: 0px 0px 25px; outline: none; padding: 0px;\">Source: <b><a href=\"http:\/\/www.asaaseradio.com\/\">www.asaaseradio.com<\/a><\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; This year will be tougher than 2022 for most of the global economy as the United States, European Union and China see slowing growth, the head of the International Monetary Fund (IMF) has warned. IMF Managing Director Kristalina Georgieva said 2023 will be a \u201ctough year\u201d, with one-third of the world\u2019s economies expected to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[72,70],"tags":[],"class_list":["post-996","post","type-post","status-publish","format-standard","category-foreign","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2023 to be tougher for global economy than 2022, IMF chief says - Gh-newsbay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ghnewsbay.com\/?p=996\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023 to be tougher for global economy than 2022, IMF chief says - Gh-newsbay\" \/>\n<meta property=\"og:description\" content=\"&nbsp; This year will be tougher than 2022 for most of the global economy as the United States, European Union and China see slowing growth, the head of the International Monetary Fund (IMF) has warned. 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