US, EU and China are in a simultaneous slowdown, says IMF chief Georgieva
Dan BurnsFor much of the global economy, 2023 is going to be a tough year as the main engines of global growth — the US, Europe and China — all experience weakening activity, the head of the IMF said on Sunday.
Since then, China has scrapped its zero-Covid-19 policy and embarked on a chaotic reopening of its economy, though consumers there remain wary as coronavirus cases surge. In his first public comments since the change in policy, President Xi Jinping on Saturday called in a New Year’s address for more effort and unity as China enters a “new phase”.
“I was in China last week, in a bubble in a city where there is zero Covid-19,” she said. “But that is not going to last once people start travelling.” Her comments, however, suggest another cut to both the China and global growth outlooks may be in the offing later in January when the IMF typically unveils updated forecasts during the World Economic Forum in Davos, Switzerland.
But that fact on its own presents a risk because it may hamper the progress the Fed needs to make in bringing US inflation back to its targeted level from the highest levels in four decades touched last year. Inflation showed signs of having passed its peak as 2022 ended, but by the Fed’s preferred measure, it remains nearly three times its 2% target.
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