Downside risks still dominate the outlook for the global economy and some countries are expected to fall into recession in 2023, IMF official Jerry Rice said, noting that it is too early to say whether the global recession will be widespread, reports Reuters.

He said the data point to a further loss of momentum in the third quarter, given persistent high inflation, supply chain problems and tightening financial market conditions.

In July, the IMF revised global growth figures downward to 3.2% in 2022 and 2.9% in 2023. The fund will release a new forecast next month.

"Clearly what we had characterized as a global economic slowdown has only intensified in recent weeks and months," Rice said.

He noted that the ongoing COVID-19 lockout and real estate problems are affecting economic activity in China, while the strengthening dollar has implications for many countries. "Downside risks continue to dominate the outlook with just a tremendous amount of uncertainty that needs to be taken into account," he said. "We do expect some countries to face recession in '23. It's too early to say whether that would be a widespread global recession."

According to Rice, even if some countries weren't technically in a recession, for many people around the world it would feel like a recession.

He noted that in Africa alone, hunger has increased by one-third in the past two years, affecting 123 million people.