IMF chief warns of ‘tough year’ for global economy

While “the US may avoid recession, the European Union has been very severely hit by the war in Ukraine – half of the EU will be in recession next year”, she said. At the same time, China faces a “tough year”.

Data published on Saturday showed that China’s abrupt reversal of its Covid Zero policy pushed economic activity in December to the slowest pace since February 2020 as the virus swept through major cities and prompted people to stay home and businesses to shut. The slowdown in the biggest economies “translates into negative trends globally – when we look at the emerging markets in developing economies, there, the picture is even direr”, Ms Georgieva said.

Purchasing manager index numbers for manufacturing published on Monday showed negative readings across Europe, Turkey and in South Korea. Data published on Tuesday are set to reveal similarly dire numbers for Malaysia, Taiwan, Vietnam, the UK, Canada and the US.“If that resilience of the labour market in the US holds, the US would help the world to get through a very difficult year,” Ms Georgieva said.

Source: Financial Digest (financialdigest.net)

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