'Are we ready?'
The International Financial Institution (IIF) does not rule out the possibility that the 2009 economic crisis or the Great Recession could happen again next year.
The basis was reached based on the situation of 'continuous war' in Ukraine which gives a bad picture of the global economic prospects in 2023.
According to a note by economists Robin Brooks and Jonathan Fortun, global growth is expected to weaken by 1.2% in 2023, which is the lowest projection as in 2009.
They comment that the level of global gross domestic product (GDP) growth depends on the trajectory of the war in Ukraine with projections saying that the crisis will last until 2024 due to Putin's 'existence'.
The streak, IIF did not rule out the possibility of economic contraction in the European zone by 2% due to the effects of the war.
In the meantime, the IIF also expects the GDP of the United States (US) to grow by 1% while Latin America is predicted to grow by 1.2% as commodity exporters benefit from high food and energy prices.
Also highlighted by the IIF is China, where if the Covid-19 restrictions continue then it could add to the bad situation and if not it could spur growth.
