Russia's war in Ukraine continues to roil food and energy markets, and rising interest rates threaten to smother economic recovery. After a tumultuous year, the global economy heads into 2023 in choppy waters. Slowing growth and recessionWhile price growth is expected to ease in 2023, economic growth is certain to slow sharply alongside rising interest rates, too. The IMF has estimated that the global economy will grow just 2.7% in 2023, down from 3.2% in 2022. "The West, and particularly the US, are increasingly threatened by China's economic trajectory and respond with economic and military pressure against the emerging superpower," Tziamalis said.

Source: News 24 January 02, 2023 00:58 UTC