According to the head of the International Monetary Fund (IMF), a third of the global economy will be in recession this year.
Kristalina Georgieva predicted that 2023 will be “tougher” than last year due to slowing economies in the United States, the European Union, and China.
It comes as the global economy is being weighed down by the Ukraine conflict, rising prices, higher interest rates, and the spread of Covid in China.
The IMF reduced its global economic growth forecast for 2023 in October.
“We expect one-third of the global economy to be in recession,” Ms Georgieva said on CBS’ Face the Nation.
“Even in non-recessionary countries, it would feel like a recession for hundreds of millions of people,” she added.