'Damn, there's a lot of things that won't be good next year, but can you believe it?'
The International Monetary Fund (IMF) does not hide its concern about the bad prospects of the global economy that will hit the world in 2023.
It is underlined that the tightening of monetary policy triggered by rising inflation rates, weak growth in China and the problem of disruption of the food supply chain due to the Russia-Ukraine crisis are the main factors.
As a result, a purchasing management survey that saw a decline in recent months was enough for the IMF to update its 2023 growth outlook to 2.7% from 2.9%.
In addition, the IMF also confirmed that growth prospects in Europe are the bleakest with indicators such as the index of manufacturing and service activity showing weak readings among the Group of 20 (G20).
Commenting the IMF in a blog ahead of the G20 conference in Bali this week, growth readings of G20 countries shrank from expansion territory to contraction earlier this year and the world faces tough challenges next year.
In the meantime, the IMF is seen citing the energy crisis in Europe over the surge in inflation that has caused economic growth to weaken.
