News > Recession will hit a third of the world this year, warns IMF Chief

Recession will hit a third of the world this year, warns IMF Chief

A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU, and China will see their economies slow down. It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.