Urgent: IMF projects advanced economies growth to decline by half in 2023

This photo taken on April 20, 2022 shows the U.S. Federal Reserve in Washington, D.C., the United States. (Xinhua/Liu Jie)

WASHINGTON, April 11 (Xinhua) -- The International Monetary Fund (IMF) projected on Tuesday that the growth of advanced economies will decline by half in 2023 to 1.3 percent, before rising to 1.4 percent in 2024.

"About 90 percent of advanced economies are projected to see a decline in growth in 2023," the IMF said in the newly released World Economic Outlook report.

"With the sharp slowdown, advanced economies are expected to see higher unemployment, a rise of 0.5 percentage point on average from 2022 to 2024," it said.