IMF chief: Growth will bottom out in 2023 and bounce back next year
Managing Director of International Monetary Fund IMF Kristalina Georgieva attends a session during the World Economic Forum WEF 2022 Annual Meeting in Davos, Switzerland, May 25, 2022.
Zheng Huansong | Xinhua News Agency | Getty Images
The International Monetary Fund’s Managing Director Kristalina Georgieva told CNBC Tuesday that the days of her institution giving regular global growth downgrades are nearly over.
“I don’t see a downgrade now, but growth in 2023 will slow down,” Georgieva said at the World Economic Forum in Davos, Switzerland.
“Our projection is that we will go by half a percentage point down vis-a-vis 2022. The good news though is that we expect growth to bottom out this year and 2024 to be a year in which we finally see the world economy on an upside,” Georgieva said.
The International Monetary Fund has downgraded its growth forecast three times since October 2021.
The managing director’s comments come the day after the IMF released a new report saying fragmentation could cost the global economy up to 7% of GDP.
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