From 2000 to 2019, annual global economic growth averaged 3.8%, according to the IMF. The current growth projections of 3%, however, remain below what was achieved pre-pandemic, the agency said.
“This could require a further tightening of monetary policy and lead to another bout of financial market volatility.” “Inflation could remain high or increase, for instance from an intensification of Russia’s war in Ukraine or extreme weather-related events,” Gourinchas said. The resolution of the debt ceiling standoff and swift action by regulators to quell banking crises in the United States and Europe helped stem the risks of a broader financial crisis, the IMF said Tuesday, cautioning that “the balance of risks to global growth remains tilted to the downside.”
In April, as turbulence in the banking sector and a growing unease about a potential US debt default roiled markets and unsettled economic outlooks, the IMF downgraded its economic forecasts by one-tenth of a percentage point to 2.8%.īy July, the economic outlook has grown a little brighter: The Covid pandemic is no longer considered a global health crisis, supply chains are flowing more smoothly and economic activity has remained steady amid strong labor markets, the IMF said.Ī customer shops for fresh fruit and vegetables at a market in Oxford, United Kingdom, on Wednesday, July 19, 2023. “But global growth remains weak by historical standards.” “Global economic activity has proven resilient in the first quarter of this year, leading to a modest upward revision for global growth in 2023,” Pierre-Olivier Gourinchas, the IMF’s chief economist, said in a statement. The IMF bumped up its 2023 projections by 0.2 percentage points from its previous estimate three months ago and kept the 2024 outlook unchanged. In its latest update to its World Economic Outlook, the agency said it expects global growth of 3% in both 20. The global economy is showing more resilience than economists previously thought - but, although some risks have abated, choppy waters could still be ahead, the International Monetary Fund said Tuesday.
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