Photo / Getty ImagesKristalina Georgieva said the strong US labour market was likely to help it outperform most other major economies. Photo / Getty ImagesA third of the global economy will be hit by recession this year, the head of the IMF has said, as she warned that the world faces a “tougher” year in 2023 than the previous 12 months. The US, European Union and China are all slowing simultaneously, IMF managing director Kristalina Georgieva said. “We expect one-third of the world economy to be in recession,” Georgieva told US TV network CBS in an interview that aired on Sunday, adding that “half of the European Union will be in a recession” this year. “If that resilience...holds [in 2023], the US would help the world to get through a very difficult year,” she said.

Source: New Zealand Herald January 01, 2023 21:22 UTC