International Monetary Fund (IMF) President Kristalina Georgieva has warned that global economic growth is likely to fall below 2% next year.
Governor Georgieva made this statement yesterday (1st) at an event hosted by Archyde.com, pointing out the continuing impact of the war in Ukraine and the slowdown in Europe, China and the United States.
In particular, he said he was concerned about the economic slowdown in China, which has been a powerful driving force of global economic growth.
“We are concerned that this possibility may go a little higher,” Georgieva said.
Previously, in October, the IMF lowered its global economic growth forecast for next year from 2.9% in July to 2.7%, citing the war in Ukraine, high energy and food prices, inflation, and steep rises in interest rates.
Meanwhile, World Bank President David Malpass said at the same event that the world’s poorest countries had total debt of $62 billion over the past year, up 35 per cent from the previous year.
Malpass said that two-thirds of this debt is owed to China.
VOA News
*This article was sourced from Archyde.com.