Some 90% of advanced economies are expected to see GDP decline this year © Getty Images / Pool / Pool

The global economic slowdown will continue this year, but Asia will remain “a bright spot,” says the International Monetary Fund (IMF).

India and China will account for half of the global growth, with “some momentum” expected to come from emerging economies, according to IMF Managing Director Kristalina Georgieva.

The IMF chief forecast the world’s economy to grow at less than 3% in 2023, in line with the fund’s January estimate of 2.9%. Georgieva said the pattern would remain over the next five years, since the period of slower economic activity should be prolonged.

She stated that the projections represent the IMF’s “lowest medium-term growth forecast since 1990, and [are] well below the average of 3.8% from the past two decades.”

Some 90% of advanced economies are expected to witness a decline in their growth rates in 2023, Georgieva said.

She also said that low-income nations were being handicapped by sluggish demand for their exports, with their per-capita income growth remaining below that of emerging economies.

According to IMF projections, poverty and hunger, which measurably increased during the Covid-19 pandemic, could still grow further.

Georgieva’s comments come ahead of this week’s spring meetings of the IMF and the World Bank, where policy-makers will convene to discuss the global economy’s most pressing issues.

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