The world will probably avoid a recession in the next two years, the International Monetary Fund said. The multilateral lender upgraded its forecasts, driven largely by an end to China’s zero-COVID policy, a less-severe-than-expected energy crisis, and a successful fight against inflation. [‘Surprisingly resilient’: IMF lifts global growth forecasts – Al Jazeera]
Growth will still be slower than in 2022, and remain low by historical standards, especially in rich countries. The only major economy likely to shrink in 2023 is Britain’s — expected to perform worse than sanction-hit Russia’s — although even in the U.K., things look less bleak than they did a few months ago.
