‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’
The International Monetary Fund (IMF) has predicted a tough 2023 as it cut growth predictions and forecast economic contraction in a third of the world.
“The worst is yet to come,” the global financial institution’s World Economic Outlook report said.
“For many people 2023 will feel like a recession,” it added.
A downward revision of the global growth rate for 2023, from the amount the IMF said it expected in July, has been made in the report.
Now, 2.7% growth is expected next year. It’s down from the 6% growth experienced last year and the 3.2% growth forecast for this year.
This is the “weakest growth profile” since 2001, excluding the acute phase of COVID-19 pandemic and the global financial crisis, the IMF said.
It reflects “significant slowdowns” for t...
