IMF upgrades economic outlook

The International Monetary Fund is projecting the global economy to grow by 2.9 percent this year, up from its October 2022 projection of 2.7 percent; as inflation cools, China begins to reopen and demand remains strong, The Wall Street Journal reported Jan. 30.

The IMF expects economic growth to hit 3.1 percent in 2024, down from 2022's growth figure of 3.4 percent. While still cautious, the IMF's projections indicate a shift from its last report, warning of a global recession.

"The year ahead will still be challenging," IMF Chief Economist Pierre-Olivier Gourinchas, PhD, said. "But it could well represent the turning point, with growth bottoming out and inflation declining."

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