Half of the world’s economic growth in 2023 will come from India and China, International Monetary Fund (IMF) managing director Kristalina Georgieva said on April 6, Xinhua reported.
At the same time, the IMF forecasts the growth of the world economy this year at a level of less than 3%. “By historical standards, growth remains weak in both the short and medium term”— Georgieva said in Washington on the eve of the spring meetings of the IMF and the World Bank.
“Half of global growth in 2023 is expected to come from India and China, but the rest will have a difficult recovery ahead”Georgev said.
The IMF forecasts a slowdown in economic activity in the US and the euro area, where higher interest rates are weighing on demand. Furthermore, about 90% of advanced economies will show slower growth this year.
“With geopolitical tensions rising and inflation still high, a robust recovery remains elusive”she warned.
The IMF projects that global growth will remain around 3% for the next five years, the lowest medium-term growth forecast since 1990 and well below the 3.8% average of the last two decades.
“This makes it even more difficult to reduce poverty, heal the economic scars of the COVID crisis, and provide new and better opportunities for all.”Georgieva summed up.
Source: Rossa Primavera
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