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Financial News: IMF Lifts 2024 Global Growth Outlook

IMF Lifts 2024 Global Growth Outlook

01/30/2024 - 09:53:00 (RTTNews)

(RTTNews) - The International Monetary Fund raised the global economic growth forecast for this year citing the greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China.

The world economy is now forecast to grow 3.1 percent this year, same as in 2023, but an upgrade from the 2.9 percent projected in October, the January update to the IMF's World Economic Outlook report showed Tuesday.

The projection for 2025 was retained at 3.2 percent, the Washington-based lender said.

The forecast for 2024-25 was below the historical (2000-19) average of 3.8 percent, the IMF said. The likelihood of a "hard-landing" has receded and a "soft-landing" for the global economy was in sight, but risks remain, the report said. Global headline inflation was projected at 5.8 percent this year, same as in 2023. The outlook for next year was lowered by 0.2 percentage points to 4.4 percent.

"The global economy begins the final descent toward a soft landing, with inflation declining steadily and growth holding up," IMF Economic Counsellor and the Director of Research Pierre-Olivier Gourinchas said in a blog.

"But the pace of expansion remains slow, and turbulence may lie ahead."

Risks to the global growth are broadly-balanced, the IMF said.

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