IMF Chief says India and China will account for half of global economic growth in 2023

The International Monetary Fund said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.

International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia's military operation of Ukraine would continue this year.

In a statement, Georgieva said the period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth.

 

However, she said some momentum comes from



emerging economies - Asia especially is a bright spot. India and China are expected to account for half of the global growth in 2023. But others face a steeper climb.  

Georgieva said slower growth would be a severe blow, making it even harder for low-income nations to catch  She explained  Poverty and hunger might further increase which is a dangerous trend that was started by the COVID crisis,".

Her comments come ahead of next week's spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy's most pressing issues.