IMF Warns of Slowdown in US and Euro Area Due to Higher Interest Rates
06 April 2023
The International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, has warned of a slowdown in economic activity in the United States and the euro area, attributed to higher interest rates. She also projected that around 90% of developed countries will face a decline in their economic growth.
Georgieva stated, "Economic activity is slowing in the US and the eurozone, where higher interest rates are weighing on demand. Around 90% of advanced economies are expected to see their growth slow this year."
The IMF's warning comes amidst efforts by many countries to recover from the economic impact of the COVID-19 pandemic. The organization has not specified the exact reasons for the higher interest rates in the US and the euro area.
Georgieva stated, "Economic activity is slowing in the US and the eurozone, where higher interest rates are weighing on demand. Around 90% of advanced economies are expected to see their growth slow this year."
The IMF's warning comes amidst efforts by many countries to recover from the economic impact of the COVID-19 pandemic. The organization has not specified the exact reasons for the higher interest rates in the US and the euro area.