NextGen Day

According to the managing director of the IMF, this year is projected to see a recession in one-third of the world’s economies.

For hundreds of millions of people, it would feel like a recession even in nations that are not experiencing one, Kristalina Georgieva said to CBS News on Sunday.

The majority of the global economy will face more challenges in 2019 than in 2022 as the US, EU, and China are all slowing down, according to Georgieva.

Georgieva stated that even while the US is the most resilient of the three and may avoid recession, this may be a “mixed blessing.”

She issued a warning: “If the job market is exceptionally strong, the Fed may have to keep interest rates tighter for longer to reduce inflation.

Georgieva stated that half of the EU would experience a recession in 2019. She noted that the EU had been “extremely seriously” impacted by the ongoing conflict in Ukraine.

The picture for emerging markets in developing economies, she continued, was even more dismal as a result of interest rate increases and a strong US dollar.

The head of the IMF indicated that due to an increase in COVID-19 cases following the relaxation of restrictions, the second-largest economy in the world, China, was likely to develop at or below the rate of the entire world economy for the first time in 40 years.

“Never has that occurred before. And looking ahead three, four, five, and six months into next year, the loosening of COVID limitations will result in COVID cases from bushfires across China “She spoke up.

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