International Monetary Fund chief, Kristalina Georgieva, has warned on Sunday that risks to financial stability has increased following the recent turmoil in the banking sector.
Speaking at the China Development Forum in Beijing, the IMF managing director said she expected 2023 to be another challenging year, with global growth slowing to below 3.0 per cent due to the war in Ukraine, monetary tightening and scarring from the pandemic. She also stressed the need for vigilance.
She said, “Uncertainties are exceptionally high, with the outlook for the global economy likely to remain weak over the medium term. It is also clear that risks to financial stability have increased.”
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