The world is facing the risk of a recession, with the global economy experiencing a “fundamental shift,” warned Kristalina Georgieva, managing director of the International Monetary Fund (IMF).
In just three years, the world has lived through “shock, after shock, after shock,” Georgieva said during a speech at Georgetown University in Washington on Oct. 6. The world had to deal with the COVID-19 pandemic, the Russian invasion of Ukraine, and “climate disasters on all continents,” she claimed, saying such shocks have caused “immeasurable harm” to people’s lives.
The combined effect has been a surge in the prices of goods, especially energy and foods, creating a cost-of-living crisis, she said….