Third of world in recession in 2023: IMF

Washington: A third of the global economy will be in recession in 2023, Kristalina Georgieva, head of the International Monetary Fund (IMF) has warned.

Georgieva said 2023 will be "tougher" than 2022 as the US, EU and China see their economies slow.

It comes as the war in Ukraine, rising prices, higher interest rates and the spread of Covid in China weigh on the global economy.

In October 2022, the IMF cut its global economic growth outlook for 2023.

The IMF is an international organisation with 190 member countries. They work together to try to stabilise the global economy. One of its key roles is to act as an early economic warning system.

Georgieva's comments will be alarming for people around the world, not least in Asia which endured a difficult year in 2022.