The United Kingdom faces the bleakest two years of any major industrial nation, the International Monetary Fund (IMF) has predicted, and is on course to become the only G7 country whose economy will shrink this year.

The Pakistani rupee falls 9.6% against the dollar amid efforts by the government to secure IMF funding.

Inflation is expected to remain elevated during 2023.

A third of the world will be hit by recession in 2023, including half of the European Union, lasting longer in the UK whose recovery will be one of the weakest among g7 nations.

The new year will be tougher than 2022 for much of the global economy with the United States, Europe, and China experiencing weakening activity, says the IMF chief.

This episode examines whether China and the US can manage their differences to avoid competition turning into conflict, as the IMF warned.

The International Monetary Fund (IMF) warns that the global economy is splitting into rival blocs​​​​​​​, threatening a repeat of the Cold War.