A third of the global economy is expected to go into recession this year, according to the IMF (International Monetary Fund) chief who also has warned that 2023 would be much tougher when compared to the last year as the economies of the US, EU (European Union) and China will slow down.
Kristalina Georgieva, the chief of the IMF predicted these grim assertions recently and this comes at a time when the ongoing Ukraine war shows no signs of easing even after 10 months. Apart from this, the spiraling inflation, high interest rates and the surge in covid outbreak in China are other reasons.
According to her, even in countries that are officially not in recession, it would still feel like a recession for hundreds of millions all over the world. This is definitely not good news at the beginning of 2023 but let’s hope that very soon the Ukraine war comes to an end. It also highlights the need to save money and become financially prudent. The entire 2023 may see tough decisions by the world, to assuage the recession effects.
