"Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024. The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below the historical (2000–19) average of 3.8 percent," the IMF said on Monday in its updated World Economic Outlook.
Global inflation will slow to 6.6% this year and 4.3% in 2024, still remaining well above pre-pandemic levels, the International Monetary Fund (IMF) said.
"Global inflation is expected to fall from 8.8 percent in 2022 to 6.6 percent in 2023 and 4.3 percent in 2024, still above pre-pandemic (2017–19) levels of about 3.5 percent," the IMF said.
The global fight against inflation, the conflict in Ukraine and new COVID-19 breakouts in China weighed on global economic activity in 2022, the report noted.
"The first two factors will continue to do so in 2023," the IMF added.
"The first two factors will continue to do so in 2023," the IMF added.
The International Monetary Fund expects economic growth in the United States to slow from 2% in 2022 to 1.4% in 2023 and 1% in 2024.
"In the United States, growth is projected to fall from 2.0 percent in 2022 to 1.4 percent in 2023 and 1.0 percent in 2024 ... There is a 0.4 percentage point upward revision for annual growth in 2023, reflecting carryover effects from domestic demand resilience in 2022, but a 0.2 percentage point downward revision of growth in 2024 due to the steeper path of Federal Reserve rate hikes, to a peak of about 5.1 percent in 2023," the IMF said.
Economic growth in China is projected to increase to 5.2% this year and drop to 4.55 in 2024, the International Monetary Fund said.
“Growth in China is projected to rise to 5.2% in 2023, reflecting rapidly improving mobility, and to fall to 4.5% in 2024 before settling at below 4% over the medium term amid declining business dynamism and slow progress on structural reforms,” the report said.
“Growth in China is projected to rise to 5.2% in 2023, reflecting rapidly improving mobility, and to fall to 4.5% in 2024 before settling at below 4% over the medium term amid declining business dynamism and slow progress on structural reforms,” the report said.
Economic growth in the euro area will bottom out at 0.7% in 2023 before rebounding to reach 1.6% in 2024, the International Monetary Fund said.
“Growth in the euro area is projected to bottom out at 0.7 percent in 2023 before rising to 1.6 percent in 2024,” the WEO said on Monday.
The 0.2 percentage point upward revision to the forecast for 2023 reflects the effects of faster rate hikes by the European Central Bank and eroding real incomes, the report added.
“Growth in the euro area is projected to bottom out at 0.7 percent in 2023 before rising to 1.6 percent in 2024,” the WEO said on Monday.
The 0.2 percentage point upward revision to the forecast for 2023 reflects the effects of faster rate hikes by the European Central Bank and eroding real incomes, the report added.