The IMF and the World Bank have announced a growing risk of global recession.

The heads of the IMF and the World Bank, Kristalina Georgieva and David Malpass, warned of the increasing risks for a worldwide recession that could begin in 2023. The basis for this warning is a slowdown in the growth rates of developed economies, record inflation, and higher interest rates, writes Bloomberg. Georgieva pointed out that the US, the world’s largest economy, is under financial pressure due to rising borrowing costs that affect the labor market. According to IMF estimates, countries that account for about a third of global GDP will face at least two quarters of economic decline this and next year, and the global economy will lose about $4T by the end of 2026. Malpass also warned of the danger of a global recession and drew attention to the strengthening of the dollar, which negatively affects developing countries’ currencies, increasing their public debt. Both bankers called on the world’s central banks to continue their efforts to slow the growth rate of consumer prices.