Davos 2023: Global growth to bottom out this year – IMF’s Georgieva

DAVOS, Switzerland  – International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday global economic growth was expected bottom out in 2023 despite the continued Ukraine war and rising interest rates.

Speaking at a World Economic Forum panel in Davos, Georgieva affirmed an IMF forecast for global growth to decelerate to 2.7 percent this year from around 3.2 percent last year.

“Since the beginning of the year we do see some good news. We also expect in 2023 growth to bottom out, to start the process in which we go up rather than down,” she said.

Georgieva said the three very significant challenges were the Russia-Ukraine war, the cost of living crisis and interest rates at a level unseen in decades. The world must manage the adjustment to more security of supply smartly, she added.

“The context is: It is not great,” she added.