IMF head expects less than 3% global economic growth in 2023

The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally, according to a report from the Associated Press.

Kristalina Georgieva said growth is expected to remain around 3% for the next five years, calling it “our lowest medium-term growth forecast since 1990, and well below the average of 3.8% from the past two decades.”

Georgieva’s comments at a Politico event at the Meridian International Center come ahead of next week’s spring meetings of the IMF and its sister lending agency, the World Bank, in Washington, where policymakers will convene to discuss the global economy’s most pressing issues.