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World News July 28, 2023

IMF lifts global economic growth forecast to 3% in 2023

The IMF raised its 2023 global growth estimate to 3.0%, a slight increase from the April forecast, citing resilient economic activity in the first quarter. China’s growth forecast for 2023 remains unchanged at 5.2%, and 4.5% for 2024. Despite the improvement, the growth projections are still relatively weak compared to pre-pandemic levels. The IMF chief economist warned that the global economy is not entirely out of the woods yet. The IMF also predicts that global headline inflation will fall to 6.8% in 2023, but it may take until the end of 2024 or early 2025 for inflation to align with central bankers’ targets, possibly signaling an end to the current cycle of monetary tightening.

Source : CGTN

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