Third of world economy to hit recession in 2023, IMF head warns
GuardianDec 24, 2022
The Facts
Speaking at the closing session of the World Economic Forum in Davos, Kristalina Georgieva, the head of the International Monetary Fund (IMF), stated that prospects for the global economy have picked up in recent months but warned against overoptimism.
She argued that while the global outlook may not be as bad as feared a couple of months ago, this "doesn't quite yet mean good." Global growth for 2023 is being predicted at 2.7%, which Georgieva described as "not fabulous."
The Spin
Pro-establishment narrative
While caution and admitting a tough situation faces the global economy reigned supreme, the stance by many at the World Economic Forum was that the future may not be that bad. Recent economic signals have given reason for hope. With luck, growth in the short term may be a reality.
Establishment-critical narrative
The reality of the World Economic Forum is a devastating socioeconomic system hurtling towards disaster. The ruling elite and their political representatives continue to place the burden of their failing system on the working classes. It is still up to the international community to enact real change in the world — whatever pronouncements of "staying the course" may come from the Forum.