For much of the global economy, 2023 is going to be a tough year as the main engines of global growth - the United States, Europe and China - all experience weakening activity, the head of the International Monetary Fund said on Sunday (Jan 10). The new year is going to be 'tougher than the year we leave b
For much of the global economy, 2023 is going to be a tough year as the main engines of global growth - the United States, Europe and China - all experience weakening activity, the head of the International Monetary Fund said on Sunday .
"Why? Because the three main economies - the US, EU and China - are all slowing down simultaneously," she said. Since then, China has scrapped its zero-COVID policy and embarked on a chaotic reopening of its economy, though consumers there remain wary as coronavirus cases surge. In his first public comments since the change in policy, President Xi Jinping on Saturday called in a New Year's address for more effort and unity as China enters a"new phase."
Moreover, a"bushfire" of expected COVID-19 infections there in the months ahead are likely to further hit its economy this year and drag on both regional and global growth, said Georgieva, who travelled to China on IMF business late last month.