The International Monetary Fund downgraded its forecast for the global economy and warned 2023 will feel like a recession for many people, CNN reported. “More than a third of the global economy will contract this year or next, while the three largest economies — the United States, the European Union and China — will continue to stall,” said Pierre-Olivier Gourinchas, the IMF’s chief economist. Russia’s war in Ukraine, high inflation and a slowdown in China are a drag on economic activity. The IMF also believes inflation will peak later this year.