According to media reports, the International Monetary Fund (IMF) has forecast a difficult 2023, cutting growth projections and forecasting economic contraction in a third of the world.
“The worst is yet to come,” the World Economic Outlook report from the global financial institution said.
“For many people, 2023 will feel like a recession”, it said.
According to Sky News, the report includes a downward revision of the global growth rate for 2023 from what the IMF predicted in July.
Next year, 2.7 percent growth is expected. It is lower than the 6% growth experienced last year and the 3.2% growth forecast for this year.
According to Sky News, this is the “weakest growth profile” since 2001, excluding the acute phase of the Covid-19 pandemic and the global financial crisis.
“The world is in a volatile period: economic, geopolitical, and ecological changes all impact the global outlook,” According to the report. According to Sky News, the IMF predicts that roughly one-third of the world economy will experience two consecutive quarters of negative growth.
