The general decline of the world economy, including the cryptocurrency market, is affected not only by the war unleashed by Russia in Ukraine.
Thus, the International Monetary Fund downgraded its forecast for the global economy for 2023, citing a long list of threats, including Russia's war against Ukraine, chronic inflationary pressures, tight interest rates and the lingering effects of a global pandemic.
A credit agency from 190 countries has predicted that the global economy will grow by just 2.7% next year, compared with 2.9% estimated in July. The IMF left unchanged its forecast for international growth this year at a modest 3.2%, a sharp slowdown from last year's 6%.
But the worst is yet to come. The three big economies of the US, China and Europe are shutting down. Countries that account for a third of global economic output will “sink” next year, indicating that 2023 will “feel like a recession” for many people around the world.
The cryptocurrency market reflects the general state of the world economy, although there are also different opinions on this matter.