Kristalina Georgieva, Director of the International Monetary Fund (IMF), warned that 2023 would be a challenging year for much of the world economy.

International Monetary Fund (IMF) President Kristalina Georgieva evaluated the global economy in an interview with CBS television.

Asked about the IMF’s expectations for a recession in 2023, Georgieva said, “For much of the world economy, this will be a tougher year than we had before.” answered.

Georgieva cited the slowdown in 3 significant economies, the USA, European Union (EU), and China, as the reason for this.

Pointing out that the USA is the most resilient, Georgieva explained that the labor market in the country remains relatively strong, and the US economy can survive the recession, but this may force the US Federal Reserve (Fed) to keep interest rates higher for a more extended period to reduce inflation.