WB to warn ‘adverse shocks’ could push global economy into recession

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The United States, China and Europe — three major world economies — are going through tough times and experiencing a slowdown, says a report.

The International Monetary Fund (IMF) chief Kristalina Georgieva said 2023 was going to be a challenging year for the entire world since the economies of the United States, China and Europe were facing an extreme crisis.

It would not be surprising to admit that at least “one-third of the world economy will be in recession in 2023”, she said, adding that even those nations that were not in recession would face its impact.

The World Bank is also concerned that “further adverse shocks” could push the global economy into recession in 2023, with small states especially vulnerable.

The warning is contained in an abstract for the bi-annual…

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