About a third of the world’s economy is going to be in recession this year, the IMF head warns. The news has arrived with major events taking place in the last few years. The head of the International Monetary Fund, Kristalina Georgieva predicted a tough year for the entire world as the world’s major economies spiral down.
Russia, Ukraine & Pandemic
World has changed a lot in the last few years. Only last year, Russia launched its attack on Ukraine due to which inflation skyrocketed. World economies were almost shut when it strained the connectedness of economies and business activity all around the world.
China Will Be Tested
Ms Georgieva specifically warned China, who is still struggling with controlling the covid outbreak. The second largest economy of the world will likely face negative growth in the initial months of this year. The negative Chinese growth will have a negative impact on the region too, she said.