Global economy heading for weakest period of growth since 1990: IMF

chief economies in particular. While there was some momentum from developing nations - including China and India - low-income countries were also suffering from higher borrowing costs and falling demand for their exports, the media outlet reported.

Ahead of the IMF publishing revised economic forecasts next week, Georgieva said global growth in 2022 had collapsed by almost half since the initial rebound from the Covid pandemic in 2021, sliding from 6.1 per cent to 3.4 per cent. With high inflation, rising borrowing costs and mounting geopolitical tensions, she said global growth was on track to drop below 3 per cent in 2023 and remain weak for years to come.

As many as 90 per cent of advanced economies would experience a decline in their growth rate this year, she warned, with activity in the US and the eurozone hit by higher interest rates, it added.

Comparing the challenge to “climbing one ‘great hill’ after another”, Georgieva said there were still more problems to overcome: “First was Covid, then Russia’s invasion of Ukraine, inflation and a cost of living crisis that hit everyone.”

“So far, we have proven to be resilient climbers. But the path ahead - and especially the path back to robust growth - is rough and foggy, and the ropes that hold us together may be weaker now than they were just a few years ago,” she was quoted as saying by the media outlet.

Macron counts on Xi ‘to bring Russia to senses’ for ending Ukraine war position on the Ukraine issue which is “consistent and clear”, Xinhua news agency reported.

“It is essentially about facilitating peace talks and political settlement. There is no panacea for defusing the crisis.” exercise restraint, and avoid taking actions that might cause the crisis to further deteriorate or even spiral out of control”. for China, as much as it is for France and for Europe”.

“We can’t have a safe and stable Europe,” as long as Ukraine remained occupied, Macron said,adding that it was

“unacceptable” that a member of the UN Security Council had violated the organisation’s charter.

On his part, the Chinese leader emphasised his country’s

Xi said it requires all parties to do their share and create conditions for ceasefire and peace talks through a buildup of trust and added “China supports Europe in playing its role in the political settlement of the crisis”.

He also said that peace talks should resume as soon as possible and urged the international community to “stay rational,

The Chinese leader reiterated that “nuclear weapons must not be used and nuclear wars must not be fought”, as well as opposed the “use of biological weapons under any circumstances”.

“China is ready to stay in touch with France and play a constructive role in the political settlement of the crisis,” the President added.

Since the war began in February 2022, China has claimed neutrality and attempted to frame itself as an agent of peace. It has also released its own peace plan which Western nations have been generally dismissive of, saying it sides too much with Russia.

But Ukrainian President Volodymyr Zelensky has expressed interest in it and called for direct talks with Xi, who is yet to publicly respond.

Macron’s trip, which comes four years since his last visit, marks the most politically significant interaction Xi has had with a Western leader since he met US President Joe Biden at the G20 summit in Bali last November.