Amid the continued tension necessitated by the
Russia-Ukraine war and the post-COVID-19 pandemic effect, the International
Monetary Fund warned on Sunday that risks to financial stability have increased
following the recent sector in the financial industry.
Speaking at the China Development Forum in Beijing, IMF
Managing Director Kristalina Georgieva said she expected 2023 to be another
challenging year.
Her position is based on the rate of 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 despite the high
risks.
She said, “Uncertainties are exceptionally high, with the
outlook for the global economy likely to remain weak over the medium term. It
is clear that risks to financial stability have increased.”
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