{"id":28899,"date":"2023-01-02T06:02:10","date_gmt":"2023-01-02T06:02:10","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=28899"},"modified":"2023-01-02T06:02:14","modified_gmt":"2023-01-02T06:02:14","slug":"2023-will-be-difficult-year-for-most-countries-imf","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2023\/01\/02\/2023-will-be-difficult-year-for-most-countries-imf\/","title":{"rendered":"2023 will be difficult year for most countries- IMF"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">For much of the global economy, 2023 is going to be a tough year as the main engines of global growth \u2013 the US, Europe and China \u2013 all experience weakening activity, the head of the International Monetary Fund has warned.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new year is going to be \u201ctougher than the year we leave behind,\u201d IMF managing director Kristalina Georgieva said on the CBS Sunday morning news program\u00a0Face the Nation\u00a0on Sunday.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhy? Because the three big economies \u2013 the US, EU and China \u2013 are all slowing down simultaneously,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We expect one-third of the world economy to be in recession. Even countries that are not in recession, it would feel like recession for hundreds of millions of people,\u201d she added.<br><br><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nsemgh.com\/pub\/2023\/01\/8E28E525-DF69-4A2F-9D38-3A7551FCE2F2-1024x608.jpeg\" alt=\"\" class=\"wp-image-28900\" width=\"319\" height=\"189\" srcset=\"https:\/\/www.nsemgh.com\/pub\/2023\/01\/8E28E525-DF69-4A2F-9D38-3A7551FCE2F2-1024x608.jpeg 1024w, https:\/\/www.nsemgh.com\/pub\/2023\/01\/8E28E525-DF69-4A2F-9D38-3A7551FCE2F2-300x178.jpeg 300w, https:\/\/www.nsemgh.com\/pub\/2023\/01\/8E28E525-DF69-4A2F-9D38-3A7551FCE2F2-768x456.jpeg 768w, https:\/\/www.nsemgh.com\/pub\/2023\/01\/8E28E525-DF69-4A2F-9D38-3A7551FCE2F2-750x445.jpeg 750w, https:\/\/www.nsemgh.com\/pub\/2023\/01\/8E28E525-DF69-4A2F-9D38-3A7551FCE2F2.jpeg 1125w\" sizes=\"auto, (max-width: 319px) 100vw, 319px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">2023 IMF PREDICTION: \u201cWe expect one-third of the world economy to be in recession,\u201d IMF Managing Director Kristalina Georgieva tells <a href=\"https:\/\/x.com\/margbrennan?ref_src=twsrc%5Etfw\">@margbrennan<\/a>. But, a strong U.S. labor market might help the world get through a difficult year, she says. <a href=\"https:\/\/t.co\/Vbhj478pFo\">pic.twitter.com\/Vbhj478pFo<\/a><\/p>&mdash; Face The Nation (@FaceTheNation) <a href=\"https:\/\/x.com\/FaceTheNation\/status\/1609588135129759745?ref_src=twsrc%5Etfw\">January 1, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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 Covid-19 cases surge following the dismantling of its ultra-strict zero-Covid policy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor the first time in 40 years, China\u2019s growth in 2022 is likely to be at or below global growth,\u201d Georgieva said.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">2023 will be a difficult year for the world. The silver lining is we can use it to transform economies &amp; accelerate change that\u2019s good for our climate, good for growth. At the IMF, we recognize our responsibility to be a force for good.  Watch the event: <a href=\"https:\/\/t.co\/Yv1TvfCytH\">https:\/\/t.co\/Yv1TvfCytH<\/a> <a href=\"https:\/\/t.co\/lsrXDDLNyy\">pic.twitter.com\/lsrXDDLNyy<\/a><\/p>&mdash; Kristalina Georgieva (@KGeorgieva) <a href=\"https:\/\/x.com\/KGeorgieva\/status\/1608402608494108673?ref_src=twsrc%5Etfw\">December 29, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, a \u201cbushfire\u201d of expected Covid infections there in the months ahead are likely to further hit its economy and drag on both regional and global growth, said Georgieva, who traveled to China on IMF business late last month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cFor the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,\u201d she said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, Georgieva said, the US economy is standing apart and may avoid the outright contraction that is likely to afflict as much as a third of the world\u2019s economies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \u201cUS is most resilient,\u201d she said, and it \u201cmay avoid recession. We see the labour market remaining quite strong.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis is \u2026 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 Georgieva said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The US job market will be a central focus for Federal Reserve officials who would like to see demand for labour slacken to help undercut price pressures. The first week of the new year brings a raft of key data on the employment front, including Friday\u2019s monthly nonfarm payrolls report, which is expected to show the US economy minted another 200,000 jobs in December and the jobless rate remained at 3.7% \u2013 near the lowest since the 1960s.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For much of the global economy, 2023 is going to be a tough year as the main engines of global growth \u2013 the US, Europe and China \u2013 all experience weakening activity, the head of the International Monetary Fund has warned. The new year is going to be \u201ctougher than the year we leave behind,\u201d [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":28901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[9330,7421,5222,5200,5262,7396,11337,9198,5196,159,6621,9883,7200,746,9643,9197,6543,5060,6546,10954,2183,7895,7407,7850,1828,10742,9683,9213,11973,12103,10214,6069,8840,5350,5180,6348,5251,3954,36,594,6309],"class_list":["post-28899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banks","tag-chinese","tag-covid","tag-covid-19","tag-cut","tag-data","tag-demand","tag-economies","tag-economy","tag-eu","tag-europe","tag-fed","tag-federal-reserve","tag-feel","tag-fund","tag-globalization","tag-growth","tag-imf","tag-inflation","tag-international","tag-international-monetary-fund","tag-jobless","tag-jobs","tag-kristalina-georgieva","tag-labour","tag-market","tag-millions","tag-new-year","tag-one","tag-price","tag-rates","tag-recession","tag-strong","tag-twitter","tag-ukraine","tag-us","tag-war","tag-will","tag-world","tag-who","tag-zero-covid"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/28899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=28899"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/28899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/28901"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=28899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=28899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=28899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}