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IMF warns of higher recession risk and darker global outlook in 2023

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The Monetary Fund is once again lowering its projections for global economic growth in 2023, projecting world economic growth lower by USD 4 trillion through 2026.


Kristalina Georgieva, managing director of the IMF, told an audience at Georgetown University on Thursday that things are more likely to get worse before it gets better”, saying the Russian invasion of Ukraine that began in February has dramatically changed the IMF’s outlook on the economy.


Many countries are already seeing major impacts of the war on their economies.


Georgieva said the institution downgraded its global growth projections already three times. It now expects 3.2 per cent for 2022 and now 2.9 per cent for 2023.


The risks of are rising, she said, adding that the estimates that countries making up one-third of the world economy will see at least two consecutive quarters of economic contraction this or next year.


The projections come after the OPEC+ alliance of oil-exporting countries decided on Wednesday to sharply cut production to support sagging oil prices in a move that could deal the struggling another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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