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Tag: Recession

‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’

‘The worst is yet to come’: IMF says 2023 will ‘feel like a recession’

International, World News
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 ...

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