The International Monetary Fund lowered its economic forecast again for 2023, saying countries making up one-third of the world’s economy will see at least two quarters of contraction this year or next as Russia’s invasion of Ukraine disrupts global markets.
Kristalina Georgieva, managing director of the IMF, told an audience at Georgetown University on Thursday that “things are more likely to get worse before it gets better,” saying Moscow’s invasion that began in February has dramatically changed the IMF’s outlook.
“The risks of recession are rising,” she said. The U.S. economy already has contracted for two straight quarters, which is part of the informal definition of a recession, although economists say hiring has been generally strong this year.