IT DOESN’T matter how old you are, where you live or how much your parents earn: Covid-19 has probably affected your household financially. Some families are struggling more than others and if your parents can’t afford to get you the new PlayStation or the latest iPhone for Christmas, there’s a pretty good reason why.
The International Monetary Fund (IMF) has predicted a global financial crisis for 2023. The international organisation, which collects information on the wealth of countries around the world, expects that the growth of various economies will slow to 2,7% next year.
“More than a third of the global economy will contract this year or next, while the three largest economies – the United States, the European Union and China – will continue to stall,” says Pierre-Olivier Gourinchas, the IMF’s chief economist.
“For many people 2023 will feel like a recession,” he adds.
Economic growth describes the increase in the size of a country’s wealth over a period.
The country’s wealth isn’t counted in money alone – an economy is typically
