IMF lifts 2023 global growth forecast

The IMF raised its October global growth outlook for 2023 to 2.9%. In 2024, the global economy is expected to recover to 3.1%. The global inflation rate of 8.8% (2022) is expected to fall to 6.6% in 2023 and to 4.3% in 2024, which is still above the pre-pandemic level (3.5%). As for advanced economies, the economic growth slowdown will be more prominent - maximum 1.2% in 2023. The performance in the developing countries will be more stable - 4%. The Middle East and Central Asia are projected to grow by 3.2% after growth by 5.3% in 2022, and further to lift to 3.7% in 2024. Pierre-Olivier Gourinchas, IMF Chief Economist, says that despite the data revision the financial environment remains fragile, and the struggle for a full  economic recovery and sustainable growth as well as stable prices and progress is just beginning. 

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The National, January 31, 2023