IMF head sees global growth below 3% for next five years
Financial Express Mumbai|April 07, 2023
Georgieva cites Russian invasion, and economic fragmentation 
ANDREA SHALAL
IMF head sees global growth below 3% for next five years

THE INTERNATIONAL MONETARY Fund expects global economic growth to dip below 3% in 2023 and to remain at around 3% for the next five years, Managing Director Kristalina Georgieva said on Thursday, flagging increased downside risks.

That is the global lender's lowest medium-term growth forecast since 1990, and well below the average growth of 3.8% seen in the past two decades.

Georgieva said strong monetary and fiscal policy actions to respond to the Covid-19 pandemic and Russia's invasion of Ukraine had prevented a much worse outcome in recent years, but growth prospects remained weak given persistently high inflation. Bank failures in Switzerland and the United States had exposed financial vulnerabilities that increased the downside risks for the global economy, she added.

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