IMF forecasts global growth to slow to 3.0% in 2023, 2024
Global growth is projected to fall from an estimated 3.5% in 2022 to 3.0% in 2023 and 2024, and China's growth will stay unchanged at 5.2% for 2023 and 4.5% for 2024, said the International Monetary Fund (IMF) on Tuesday.
"While the forecast for 2023 is modestly higher than predicted in the April 2023 World Economic Outlook, it remains weak by historical standards," said the IMF in the latest World Economic Outlook Update. "The rise in central bank policy rates to fight inflation continues to weigh on economic activity."
Global headline inflation is expected to fall from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024. Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward, it said.
For advanced economies, the report noted, the growth slowdown projected for 2023 remains significant -- from 2.7% in 2022 to 1.5 percent in 2023.
About 93% of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4%, it said.
In the United States, growth is projected to slow from 2.1% in 2022 to 1.8% in 2023 and further to 1.0% in 2024.
Growth in emerging markets and developing economies is expected to pick up with year-on-year growth accelerating from 3.1% in 2022 to 4.1% this year and next.
