IMF chief Kristalina Georgieva issued warnings of the growing risk of the world being divided into competing economic blocs.
International Monetary Fund research showed that trade divisions could cost the global economy up to 7% of GDP in the long term, equivalent to both Germany and Japan’s combined GDP.
The International Monetary Fund (IMF) expects the EU’s economy to grow by 0.7% from 3.7% in 2022.
Georgieva warned of the implications of failing to address structural economic problems.
“We cannot be complacent just because the worst is yet to come,” Georgieva said, referring to overcoming Europe’s energy crisis last winter.
In order to increase the productivity of the European economy, EU governments must provide an enabling environment by lifting restrictions, improving education and increasing research spending, the head of the Monetary Fund said.
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