A participant stands near an IMF logo at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo

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WASHINGTON, Sept 15 (Reuters) – Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it’s too early to tell if there will be a full-blown global recession, the gatekeeper said. floor of the IMF, Gerry Rice. Thursday.

Rice told reporters that the high-frequency data indicated further loss of momentum in the third quarter, given continued high inflation, supply chain issues and tighter financial market conditions, but gave no details on further revisions to the International Monetary Fund’s outlook.

In July, the IMF revised global growth down to 3.2% in 2022 and 2.9% in 2023. It will release a new outlook next month.

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“It’s clear that what we’ve been calling a global economic downturn has only intensified in recent weeks and months,” Rice said during a virtual press briefing.

He said a continued COVID-19 lockdown and real estate issues were weighing on economic activity in China, while the strengthening dollar had implications for many countries.

“Downside risks continue to dominate the outlook with just a huge amount of uncertainty that needs to be factored in,” he said. “We expect some countries to face a recession in 23. It is too early to tell if this would be a generalized global recession.”

Even if some countries weren’t technically in a recession, it would look like a recession to many people around the world, Rice said.

He noted that in Africa alone, hunger had increased by a third in the past two years, affecting 123 million people.

“Whatever you want to call it, it’s a horrible situation for these people.”

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Reporting by Andrea Shalal; Editing by Mark Porter and Paul Simao

Our standards: The Thomson Reuters Trust Principles.

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