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Global economy faces recession in 2023 say heads of IMF and World Bank

"The total amount that would be wiped out by the slowdown of the world economy is going to be between now and 2026 $4 trillion," IMF Managing Director Kristalina Georgieva said

President of the World Bank David Malpass AP Photo/Sait Serkan Gurbuz

President of the World Bank David Malpass

© AP Photo/Sait Serkan Gurbuz

WASHINGTON, October 10. /TASS/. A recession threatens the global economy next year. Managing Director of the International Monetary Fund Kristalina Georgieva and President of the World Bank David Malpass voiced such concerns on Monday.

They held a live-streamed discussion on the eve of the start of the autumn session of the IMF and WB governing bodies.

"There's risk in real danger of the world recession next year. Some of the advanced economies are slowing in Europe. So, we'll see where it goes into next year," Malpass said.

"I very much agree with you that the risk of recession has gone up," Georgieva stressed.

"We have calculated that about one third equivalent that the world economy would have at least two consecutive quarters of negative growth this year and next year," she specified.

"The total amount that would be wiped out by the slowdown of the world economy is going to be between now and 2026 $4 trillion," Georgieva said. This would mean that the global economy will lose a GDP, which is equal to the GDP of Germany, she added.

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