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IMF chief expects 2023 to be another challenging year

The recent turmoil in the banking sector has increased risks to financial stability, according to the International Monetary Fund (IMF), which stressed the need for vigilance. IMF managing director Kristalina Georgieva warned that 2023 is expected to be another challenging year, with global growth projected to slow to below 3% due to the war in Ukraine, monetary tightening, and the long-lasting impact of the pandemic. Georgieva cited the collapse of Silicon Valley Bank and the enforced takeover of Swiss bank Credit Suisse by rival UBS, which led to fears of contagion, as recent events that shook the financial sector. While policymakers have responded decisively to financial stability risks, Georgieva noted that China's rebound is a bright spot for the world economy and projected that China's economy would grow by 5.2% this year.


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