The International Monetary Fund (IMF) is keeping its forecast for 2.7% growth in 2023, noting that concerns about an oil price spike had failed to materialise and labour markets remained strong. IMF Managing Director Kristalina Georgieva said 2023 would be another “tough year” for the global economy, and inflation remained stubborn. But the head of the global lender said she did not expect another year of successive downgrades like those seen last year, barring unexpected developments. Georgieva said there was much hope that China would once again contribute to global growth, likely from mid-2023. But that depended on Beijing not changing course and sticking to its plans to reverse its zero-Covid policies. She said the US was likely to see a soft landing and would suffer only a mild recession if it does enter a technical recession.
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