Global Recession Coming: IMF

International Desk: The International Monetary Fund (IMF), the world's second largest lender, is afraid of a major global recession as the potential rate of global growth until 2026 is actually much lower. Kristalina Georgieva, managing director of the IMF, said this fear at a discussion meeting at Georgetown University in Washington DC on Thursday (October 6). He said, at the beginning of this year, the target of global growth up to 2026, which we set, has to be reduced three times due to the actual global situation. At the beginning of this year, we had hoped that the global growth rate would be at least 3.2 percent by 2023, after various countries coped with the initial shock of the pandemic. But we have revised this target thrice due to global conditions in the last few months. Now we are assuming that the growth rate at the beginning of next year will be 2.9 percent. The global economy has already started recession and its risk is increasing day by day. We see, on the one hand, the value of the dollar is increasing, and on the other hand, the recession has already started in the fuel oil market. Although the price of oil is falling, many countries are unable to buy oil due to the increase in the value of the dollar. The IMF official also expressed concern that global production will decrease by 4 trillion dollars by 2026 and it does not seem possible to fill this shortfall very quickly.