Beijing: There are indications that the decline in the global economy will continue for some time. This has been a matter of great concern; the International Monetary Fund (IMF) warned of a possible economic slowdown, in such words. The World Bank, World Trade Organization (WTO) and OECD have confirmed this statement of the Monetary Fund. The international credit rating agency Fitch Ratings also predicted the growth rate of the global economy to fall to 1.4 % in 2023 in a new report.
A meeting was recently held in China as part of the 1 + 6 framework. Senior leaders, officials from China, and the chiefs of six major global economic institutions attended it. It included the IMF, World Bank, OECD, WTO, Financial Stability Board (FSB) and the International Labour Organization (ILO). The chiefs of all these institutions also pointed to China’s slowing pace while expressing strong concern over the global economy.
Due to the restrictions and other decisions imposed due to the Corona pandemic, China has collapsed, the effects of which were also visible globally. China’s production and trade have been hit hard, 
due to which the global supply chain has been disrupted to a large extent. Since China is the second largest economy in the world, the worsening condition of this country has hit the global economy.
Chiefs of world financial institutions mentioned the decline in China and expressed hope that it will change in the future. The head of global organisations also appealed that the Chinese regime should notice this properly. Elaborating on the position, IMF chief Kristalina Georgieva claimed that the future of the international economy has been worrying. She also mentioned indications in this regard from different areas of the world. The IMF has predicted in its report that the international economy will progress at a rate of 2.7 % in 2023. Georgieva expressed fear that it may decrease further.
The head of the World Bank, David Malpass, expressed concern that the global economy was heading for a recession. While international trade has faced unprecedented challenges, the WTO pointed out that trade growth was almost stagnant.
A few days ago, the senior economist of the United States, Mohamed El-Erian, warned that there were signs of a major upheaval in the structure of the world economy. Besides, the OECD group presented a report that made aware of the recession that would hit the global economy.
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