The International Monetary Fund (IMF), a financial agency of the United Nations, warned Tuesday that the “worst is yet to come” for the global economy as economic indicators suggest the world will likely face a recession in 2023.

The global economy currently possesses the world’s weakest growth profile since 2001, excluding the COVID-19 pandemic and the 2008 global financial crisis, according to the agency’s World Economic Outlook. The IMF claimed that soaring energy prices and supply chain disruptions exacerbated by Russia’s invasion of Ukraine could send the global economy into a recession. (RELATED: UN Chief Calls For Energy Taxes In The Midst Of A Global Energy Crisis)

“The worst is yet to come, and for many people 2023 will feel like a recession,” the outlook states. The IMF also predicts that worldwide inflation will peak toward the end of 2022, increasing from 4.7% in 2021 to 8.8%.