According to a statement by Pierre-Olivier Gourinchas, the IMF’s chief economist
“There’s going to be a lot of slowdowns and economic pain.”
The International Monetary Fund predicts global growth will slow to 2.7% in 2023, 0.2 percentage points lower than its July forecast in 2022, and anticipates 2023 will feel like a recession for millions of people around the world.
More than a third of the global economy will see two consecutive quarters of negative growth, while the three largest economies — the United States, the European Union, and China — will continue to slow, according to the report.
In the report, the IMF laid out three major setbacks currently hindering growth: Russia’s invasion of Ukraine, the cost-of-living crisis, and China’s economic slowdown. Together, they create a “volatile” period economically, geopolitically and ecologically.