IMF Chief Urges China to Stay Course on Reopening Economy

(Bloomberg) — The head of the International Monetary Fund (IMF) urged China to move forward with reopening its economy, calling the nation’s transition from a “zero-Covid” policy to more normal functioning likely the single most important factor for global growth in 2023.

The Washington-based financial institution believes that a world recession can be avoided, even as growth slows from an estimated 3.2% in 2022, Managing Director Kristalina Georgieva told reporters Thursday. If the U.S., the largest economy, goes into contraction, it will be a mild one, she said.