Politics

Global growth to bottom out this year — IMF’s Georgieva

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Kristalina Georgieva, International Monetary Fund (IMF) Managing Director and Member of Board of Trustees of the World Economic Forum (second from right), flanked by Børge Brende, President of the World Economic Forum; Mohammed Bin Abdulrahman Al Thani, Deputy Prime Minister and Minister of Foreign Affairs of Qatar; Pekka Haavisto, Minister for Foreign Affairs of Finland; H.H. Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs of Saudi Arabia; and Christopher A. Coons, Senator from Delaware (D), US. — World Economic Forum/Michael Calabro

DAVOS, Switzerland — International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Tuesday global economic growth was expected to bottom out in 2023 despite the continued Ukraine war and rising interest rates.

Speaking at a World Economic Forum panel in Davos, Ms. Georgieva affirmed an IMF forecast for global growth to decelerate to 2.7% this year from around 3.2% last year.

“Since the beginning of the year we do see some good news. We also expect in 2023 growth to bottom out, to start the process in which we go up rather than down,” she said.

Ms. Georgieva said the three very significant challenges were the Russia-Ukraine war, the cost-of-living crisis and interest rates at a level unseen in decades. The world must manage the adjustment to more security of supply smartly, she added.

“The context is: It is not great,” she added. — Reuters