International Monetary Fund head expects less than 3 per cent global economic growth in 2023

Washington: The International Monetary Fund chief is warning that the world economy is expected to grow less than 3 per cent in 2023, down from 3.4 per cent last year, increasing the risk of hunger and poverty globally.

Kristalina Georgieva said Thursday growth is expected to remain around 3 per cent for the next five years, calling it "our lowest medium-term growth forecast since 1990."

She says slower growth would be a "severe blow, making it even harder for low-income nations to catch up."

She also warns that poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis." Her comments come ahead of next week's spring meetings of the IMF and its sister lending agency the World Bank in Washington.