Recession warning from the IMF: What you need to know about the global economy this week

This weekly round-up brings you the latest stories from the world of economics and finance.

Top economy stories: The latest IMF outlook for the global economy - and how a recession fits in; South Korea raises interest rates; UK government borrowing costs hit 20-year high.

One to watch: IMF warning over risk of global recession

The International Monetary Fund has warned of a disorderly repricing in markets, saying global financial stability risks have increased, raising the risks of contagion and spillovers of stress between markets.

The fund said that colliding pressures from inflation, war-driven energy and food crises and higher interest rates were pushing the world to the brink of recession.

Cutting its 2023 global growth forecasts further, the IMF said in its World Economic Outlook that countries representing a third of world output could be in recession next year.

"The three largest economies, the United States, China and the euro area, will continue to stall," Pierre-Olivier Gourinchas, the IMF's chief economist, said in a statement. "In short, the worst is yet to come, and for many people, 2023 will feel like a recession."

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