One-third of global economy to be hit by recession, says IMF chief

New Delhi, Jan 2 IMF chief Kristalina Georgieva has said that recession will hit one-third of the global economy in 2023, and the new year will be tougher than 2022.

She made these comments in a television programme on Sunday.

The US, European Union and China will see their economies slow down, Georgieva said.

Her comments have come at a time when the Russia-Ukraine conflict is showing no signs of abating, even as rising inflation has hit several economies and a spike in Coronavirus infections is being reported in China.

"We expect one-third of the world economy to be in recession," Georgieva said on the news programme.

Even countries not facing recessionary trends, would feel the financial stress, she explained.

In October last year, the IMF had trimmed its growth forecast for 2023.