Kristalina Georgieva said growth is expected to remain around 3% for the next five years, calling it “our lowest medium-term growth forecast since 1990, and well below the average of 3.8% from the past two decades”. She said slower growth would be a “severe blow”, making it even harder for low-income nations to catch up. “Poverty and hunger could further increase, a dangerous trend that was started by the Covid crisis,” she said. The IMF head said persistently high interest rates, a series of bank failures in the US and Europe, and deepening geopolitical divisions are threatening global financial stability. We are in a more shock-prone world, and we have to be ready for it.”

Source: The Times April 06, 2023 15:01 UTC