The Communications Director of the New Patriotic Party, Richard Ahiagbah is optimistic that, Ghana can escape the global glooming predictions if Ghanaians support the government and work together.
The International Monetary Fund (IMF) has projected that 2023 will be a difficult year which is likely to affect third countries including Ghana.
In a tweet, he said “The IMF projects that 2023 will be a tough year because the three largest economies the US, EU, and China, are likely to underperform. But Ghana can do better in 2023 if we work together & support the government.”
The Managing Director of the IMF warned that a third of the global economy will be in recession this year.
Kristalina Georgieva said 2023 will be “tougher” than last year as the US, EU and China see their economies slow.
It comes as the war in Ukraine, rising prices, higher interest rates and the spread of Covid in China weigh on the global economy.
In October the IMF cut its global economic growth outlook for 2023.
“We expect one third of the world economy to be in recession,” Ms Georgieva said on the CBS news programme Face the Nation.
“Even countries that are not in recession, it would feel like recession for hundreds of millions of people,” she added.
Katrina Ell, an economist at Moody’s Analytics in Sydney, gave the BBC her assessment of the world economy.
“While our baseline avoids a global recession over the next year, odds of one are uncomfortably high. Europe, however, will not escape recession and the US is teetering on the verge,” she said.
The IMF cut its outlook for global economic growth in 2023 in October, due to the war in Ukraine as well as higher interest rates as central banks around the world attempt to rein in rising prices.
Since then China has scrapped its zero-Covid policy and started to reopen its economy, even as coronavirus infections have spread rapidly in the country.
Ms Georgieva warned that China, the world’s second largest economy, would face a difficult start to 2023.
Source: theGhanaianvoice.com