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.

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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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