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World News October 11, 2023

IMF lowers 2023 global economic growth forecast amid global divergences

The IMF has slightly downgraded its 2023 global growth estimates due to growing global divergences and limited policy flexibility. Global growth is projected to decrease from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024, with a 0.1% downgrade for 2024 compared to July projections. These figures fall below historical standards, with an average growth rate of 3.8% in 2000-2019. While some headwinds to global growth have lessened, challenges like a manufacturing slowdown, sluggish services, and tighter monetary policies persist. The slowdown is more pronounced in advanced economies, with the U.S. showing stronger momentum, while euro area activity is weaker. Emerging markets remain relatively resilient, and China is expected to grow by 5% in 2023 and 4.2% in 2024. Despite disruptions in energy and food markets and efforts to combat high inflation, the global economy is experiencing a slowdown but not a complete halt, according to the IMF.

Source – CGTN

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