The global economic slowdown has intensified in recent months and some countries will face a recession next year, International Monetary Fund (IMF) spokesperson Gerry Rice said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 15th September, 2022) The global economic slowdown has intensified in recent months and some countries will face a recession next year, International Monetary Fund (IMF) spokesperson Gerry Rice said on Thursday.
"Clearly, what we have characterized as a global economic slowdown, has only intensified in recent weeks and months," Rice said.
The conflict in Ukraine, supply chain disruptions, issues pertaining to gas and oil supply from Russia to Europe, continuing COVID-19 lockdowns in China and other problems are all affecting economic activity worldwide, Rice said.
The strong Dollar has implications for many countries and downside risks continue to dominate the outlook with "tremendous amount of uncertainty," he said.
Rice noted that IMF forecasts the slowdown will translate into recession in some countries.
"Year 2023 is going to be tougher and 2022 is already pretty tough, so we do expect some countries to face recession in 2023," Rice said.
However, it is too early to say whether that would be a widespread phenomenon, he added.
