China, India to account for half of global economic growth in 2023: IMF chief

International Monetary Fund (IMF) chief Kristalina Georgieva said that the world economy is expected to grow at less than 3 percent this year, with India and China expected to account for half of global growth in 2023.

According to Georgieva, a sharp slowdown in the world economy last year due to the raging pandemic and Russia’s military invasion of Ukraine would continue this year.

The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, “our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades,” she said.

Further explaining, she said, “Some momentum comes from emerging economies — Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023.”

But low-income nations are hamstrung by weakening demand for their exports, with their per-capita income growth remaining below that of the emerging economies. Poverty and hunger that increased during the coronavirus pandemic could climb.