November 05, 2024 12:27 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region | US presidential election: Donald Trump ahead of Kamala Harris in swing states, poll survey predicts | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row | 'I strongly condemn Hindu temple attack, intimidation of our diplomats': PM Modi amid Canada row
Global growth likely to slow to 2.7 pct in 2023: IMF Report
Global growth

Global growth likely to slow to 2.7 pct in 2023: IMF Report

| @indiablooms | 11 Oct 2022, 08:34 pm

Washington/IBNS/UNI: The global growth is likely to slow to 2.7 per cent in 2023, and there is a 25 per cent probability that the growth could fall below 2 per cent, the International Monetary Fund (IMF) said in a new report on Tuesday.

"Global growth will remain at 3.2 per cent in 2022, will slow to 2.7 per cent in 2023, with a 25 per cent probability that it could fall below 2 per cent," the report said.

The world economy has been dealt multiple blows and the war in Ukraine has spiked up food and energy prices besides the coronavirus outbreak that had already soared costs and hiked interest rates across the globe.

"This year's shocks will re-open economic wounds that were only partially healed post-pandemic," said International Monetary Fund economic counsellor Pierre-Olivier Gourinchas in a blog post accompanying the fund's latest World Economic Outlook.

More than a third of the global economy is headed for contraction this year or next, and the three biggest economies -- the United States, European Union and China -- will continue to stall, he warned.

"The worst is yet to come and, for many people 2023 will feel like a recession," said Gourinchas.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.