The International Monetary Fund (IMF) has cut global economic growth for the year by 0.5 points to three per cent from its 3.5 per cent forecast in 2022.
has cut global economic growth for the year by 0.5 points to three per cent from its 3.5 per cent forecast in 2022. The global financial institution also lowered the forecast for 2024 by another 0.1 per cent to 2.9 per cent.
According to the report, economic activity still falls short of its pre-pandemic path, especially in emerging markets and developing economies, and there are widening divergences among regions.” It said global inflation is forecast to decline steadily, from 8.7 per cent in 2022 to 6.9 per cent in 2023 and 5.8 per cent in 2024, stating however that the forecasts for 2023 and 2024 are revised up by 0.1 percentage point and 0.6 percentage point, respectively, and that inflation wasn’t expected to return to target until 2025 in most cases.The report said the risks to the outlook were more balanced than they were six months ago.
It said reforms to reduce structural impediments to growth by, among other things, encouraging labour market participation, were required to balance the decline of inflation to target and facilitate debt reduction, saying faster and more efficient multilateral coordination was needed on debt resolution to avoid debt distress.
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