Il International Monetary Fund (IMF) expects global economic growth to slow to below 3% in 2023, with stabilization around 3% over the next five years.
According to the Fund, in 2023, India and China will account for about half of global economic growth. However, 90% of advanced economies are expected to experience a decline in growth rate this year. Low-income countries, facing higher financing costs and declining demand for their exports, will see lower per capita income growth than emerging economies. Kristalina Georgieva, director of the IMF, urged central banks to continue the fight against inflation and to manage the risks to financial stability through an adequate supply of liquidity. Georgieva also underlined the importance of investing in renewable energies, with an estimated expenditure of 1,000 billion dollars a year, and of avoiding the fragmentation of the global economy, which could cause a reduction in world GDP of up to 7%.