The IMF raises global growth expectations in 2024… and warns against this matter
The International Monetary Fund said that the global economy is heading for another year of slow and steady growth at the same time, as the strength of the United States economy pushes global output to overcome the headwinds resulting from continued high inflation, weak demand in China and Europe, and the repercussions of two regional wars.
The Fund expects global real GDP to grow by 3.2 percent for the years 2024 and 2025, which is the same rate for 2023.
The 2024 forecast was revised up 0.1 percentage points from the previous World Economic Outlook estimate in January, largely due to a significant upward revision in US economic growth expectations.
The organization also raised its 2024 forecast for US economic growth to 2.7 percent, an increase of 0.6 percentage points from the previous forecast in January.
But the latest IMF forecast showed stark contrasts with other countries, including the euro zone, where growth forecasts for 2024 were cut to 0.8 percent down from 0.9 percent in January, mainly due to weak consumer sentiment in Germany and France.
Britain’s growth forecast for 2024 was also cut by 0.1 percentage point to 0.5 percent as the country struggles with rising interest rates and persistently high inflation.
The International Monetary Fund also warned of the poor performance of low-income countries compared to the rest of the world, as the Fund lowered its growth estimates for these countries. These countries have witnessed higher than expected inflation, due to the strength of the US dollar, as well as the impact of rising costs of food, fuel and fertilizer. (Sky News)
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