India and China to account for half of global economic growth in 2023, says IMF chief

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The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023.

International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia’s military invasion of Ukraine would continue this year.

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, “our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades,” she said.

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“Some momentum comes from emerging economies — Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb,” she explained.

“Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis,” she explained.

About 90 per cent of advanced economies are projected to see a decline in their growth rates this year, she said.

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For low-income countries, higher borrowing costs come at a time of weakening demand for their exports, she said.

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