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Global recession not expected: IMF chief

Kristalina Georgieva reminded that the International Monetary Fund is forecasting 3.6% growth for 2022, which is “a long way to global recession.”

AP Reported by: AP Davos Updated on: May 24, 2022 10:23 IST
 International Monetary Fund (IMF) Managing Director
Image Source : AP

 International Monetary Fund (IMF) Managing Director Kristalina Georgieva

Recession 2022: The managing director of the International Monetary Fund says a global recession isn't in the cards but “it doesn't mean it's out of the question.”

Speaking at the World Economic Forum's annual gathering on Monday, Kristalina Georgieva reminded the audience that the IMF is forecasting 3.6% growth for 2022, which is “a long way to global recession.”

A moderator opened a discussion about the global economy by asking the audience if they thought there was a chance of a recession. Most of the crowd of about 100 put their hands up.

Georgieva says the global outlook was “a little bit like the weather here in Davos — the horizon has darkened.”

She says it's going to be a “tough year” and that one of the big problems is surging food prices, partly fueled by the Russia-Ukraine war.

Georgieva listed a host of other challenges, including rising interest rates, inflation, the strengthening dollar, a slowdown in China, the climate crisis and a recent “rough spot” for cryptocurrencies.

Other speakers on the panel debated whether Europe would fall into recession after the European Central Bank signaled that it would start tightening monetary policy.

READ MORE: Recession not inevitable in US, pain to last 'some time': Joe Biden

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