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Global growth likely to bottom out in 2023: IMF chief

Global growth likely to bottom out in 2023: IMF chief

Arab Finance: The global economic growth is expected to slow down in 2023, however, growth downgrades are likely over, the International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva told CNBC on January 17th.

“I don’t see a downgrade now, but growth in 2023 will slow down,” Georgieva said at the World Economic Forum (WEF) in Davos, Switzerland.

“Our projection is that we will go by half a percentage point down vis-a-vis 2022,” she added.

On the other hand, Georgieva revealed positive expectations of growth likely to “bottom out” this year, with the world economy projected to on an upside in 2024.

The IMF has already downgraded its global growth forecast three times since October 2021.

Moreover, she ruled out the possibility of central banks cutting interest rates yet as inflation remains high despite slowing down a bit.

“Central banks have to be careful not to pull their foot from the brake too early,” she noted.

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