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Global growth likely to slow to 2.7 pct in 2023: IMF Report
Global growth

Global growth likely to slow to 2.7 pct in 2023: IMF Report

| @indiablooms | 11 Oct 2022, 08:34 pm

Washington/IBNS/UNI: The global growth is likely to slow to 2.7 per cent in 2023, and there is a 25 per cent probability that the growth could fall below 2 per cent, the International Monetary Fund (IMF) said in a new report on Tuesday.

"Global growth will remain at 3.2 per cent in 2022, will slow to 2.7 per cent in 2023, with a 25 per cent probability that it could fall below 2 per cent," the report said.

The world economy has been dealt multiple blows and the war in Ukraine has spiked up food and energy prices besides the coronavirus outbreak that had already soared costs and hiked interest rates across the globe.

"This year's shocks will re-open economic wounds that were only partially healed post-pandemic," said International Monetary Fund economic counsellor Pierre-Olivier Gourinchas in a blog post accompanying the fund's latest World Economic Outlook.

More than a third of the global economy is headed for contraction this year or next, and the three biggest economies -- the United States, European Union and China -- will continue to stall, he warned.

"The worst is yet to come and, for many people 2023 will feel like a recession," said Gourinchas.

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