For much of the global economy, 2023 is going to be a tough year as the main engines of global growth — the United States, Europe and China —all experience weakening activity, the head of the International Monetary Fund (IMF) said on Sunday.
The new year is going to be “tougher than the year we leave behind,” IMF Managing Director Kristalina Georgieva said on the private news Channel programme “Face the Nation.”
“Why? Because the three main economies — the US, EU and China — are all slowing down simultaneously,” she said.
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.
