Third of global economy will be in recession this year: IMF

IMF Managing Director Kristalina Georgieva has issued a stark warning, predicting that a third of the global economy will slip into recession in the coming year, with 2023 shaping up to be even more challenging than 2022. She highlighted that economic slowdowns are expected in major economies like the US, EU, and China.
Georgieva expressed her concerns during an interview with CBS News, emphasizing that even in countries not officially in recession, the economic conditions will resemble one for millions of people. She particularly pointed out China’s economic slowdown, attributing it to the country’s stringent zero-Covid policy. This slowdown, she noted, is unprecedented in the last four decades and is expected to have ripple effects on the region and global growth.
These warnings come amidst a backdrop of multiple factors weighing on the global economy, including the Russia-Ukraine conflict, surging prices, tightening monetary policies, and a fresh wave of Covid-19 infections in China.
In a separate development, Air India has taken strict action against a passenger involved in inappropriate behavior on a New York-Delhi flight. The airline imposed a 30-day ban on the passenger for causing distress to a fellow traveler. Air India has lodged a police complaint and is cooperating with law enforcement and regulatory agencies. Additionally, the airline has initiated an internal investigation to address any lapses by its crew.
This incident follows a similar case in November last year, where a drunk passenger allegedly urinated on a fellow traveler in the business class of an Air India flight. The airline has faced scrutiny over its handling of such incidents, prompting regulatory intervention and internal reviews.