Third of global economy will be in recession this year: IMF

Washington, Jan 2 (IANS) International Monetary Fund (IMF) chief Kristalina Georgieva has warned that a third of the global economy will be in recession this year and 2023 will be “tougher” than 2022 as the US, EU and China will see their economies slow.

“We expect one third of the world economy to be in recession,” the BBC quoted Georgieva as saying to CBS News.

“Even in countries that are not in recession, it would feel like a recession for hundreds of millions of people,” she added.

The IMF chief further warned that China, the world’s second largest economy, will face a difficult start to 2023.

“China has slowed down dramatically in 2022 because of this tight zero-Covid policy. For the first time in 40 years China’s growth in 2022 is likely to be at or below global growth. That has never happened before.

For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,” she said.

The warning comes as the ongoing Russia-Ukraine war, rising prices, higher interest rates and the new wave of the Covid-19 pandemic in China weigh on the global economy.

In October 2022, the IMF had cut its global economic growth outlook for 2023 due to the war in Ukraine as well as higher interest rates as central banks around the world attempted to rein in rising prices, the BBC reported.

Air India bans passenger for 30 days for undignified behaviour on NY-Delhi flight

New Delhi: Air India has banned the passenger for 30 days who behaved in an inappropriate and undignified manner on the New York-Delhi flight.

An Air India spokesperson on Wednesday said, “Air India has taken a very serious view of the incident, where a passenger behaved in an unacceptable and undignified manner on the New York-Delhi flight that caused extreme distress to a fellow passenger.

“A police complaint has already been lodged and Air India is committed to assist the law enforcement agencies as well as regulatory authorities.”

The airline said that it has reported the matter to the aviation regulator DGCA for further action.

The airline said that it has constituted an internal committee to look into the lapses by the airline crew.

DGCA had sought a report from Air India into the incident which came to light weeks after a drunk man urinated on a woman co-passenger in the business class of an Air India flight in November last year. The matter was revealed after the woman reportedly wrote to the group chairman of Air India, N. Chandrasekaran.

The incident reportedly occurred on November 26, the drunk passenger allegedly urinated on a co-passenger in her 70s in the business class of an Air India flight from New York to Delhi. The lights had been dimmed after a meal. 

The woman complained about the matter to the crew and told them her clothes, shoes and bag were soaked in urine. Reports said that the crew allegedly gave her a set of clothes and slippers and told her to return to her seat.

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