Georgieva told CBS’s Face the Nation in an interview aired on 1 January that one-third of the world economy was expected to be in recession. Examining the three biggest economies on CBS, Georgieva painted a mixed picture of their ability to withstand the downturn. While “the US may avoid recession,” the European Union has been “very severely hit by the war in Ukraine — half of the EU will be in recession next year,” she said. The slowdown in the biggest economies “translates into negative trends globally – when we look at the emerging markets in developing economies, there, the picture is even direr,” Georgieva said. Purchasing manager index numbers for manufacturing recently showed negative readings across Europe, Turkey and in South Korea.

Source: News 24 January 13, 2023 01:50 UTC