China News Agency, Beijing, December 2 (Reporter Liu Yuying) Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said at the 2022 Global Annual Meeting of the International Financial Forum (IFF) on the 2nd, The world economy is slowing down. The IMF predicts that the global economic growth rate will be 2.7% in 2023, but there is a 25% probability that the actual growth rate will be lower than 2%.
Georgieva said that by 2023, at least one-third of the world's countries are expected to be in recession.
The situation in the Asia-Pacific region is relatively good, but it does face the challenges of many unfavorable factors.
Georgieva explained that fiscal policy will continue to tighten as many countries continue to raise interest rates to fight inflation.
Higher interest rates will lead to higher yields and lower currencies across Asia.
The Ukrainian crisis has seriously impacted the global energy and food markets, directly affecting the economic growth of Europe and weakening Europe's demand for imports from Asia.
Georgieva mentioned that the trend of global fragmentation has made the world's prospects more uncertain, and it will also directly impact Asia's open and trade-dependent economic model. The trend of global fragmentation must be opposed.
Resisting fragmentation through active dialogue, she suggested, that a constructive dialogue among policymakers around the world, including participation in multilateral forums, is critical to avoiding the most violent and damaging scenarios of fragmentation.
Georgieva believes that "actions need to be taken to jointly address challenges, and only cooperation can achieve a win-win situation."
An economic powerhouse like China should play a leading role, and constructive signals from the G20 summit offer hope.
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