Global economic growth forecast at 3.1% in 2024 & 3.2% in 2025: IMF

Source:China Sport ShowRelease time:10-Feb-2024Clicks:

Article From：sports-insight

Global economic growth is projected at 3.1 per cent for 2024 and 3.2 per cent for 2025, according to the World Economic Outlook (WEO) update by the International Monetary Fund (IMF). This forecast marks an upward revision of 0.2 percentage points for 2024 compared to the October 2023 WEO. The improved outlook is attributed to greater-than-expected resilience in the US and several large emerging market and developing economies, as well as fiscal support in China.

However, the forecast for 2024–25 remains below the historical average of 3.8 per cent (2000–19). Factors contributing to this include elevated central bank policy rates combating inflation, withdrawal of fiscal support amid high debt, and low underlying productivity growth.

Inflation is reportedly falling faster than expected in most regions, driven by unwinding supply-side issues and restrictive monetary policies. Global headline inflation is expected to decrease to 5.8 per cent in 2024 and further to 4.4 per cent in 2025, with the 2025 forecast revised downwards, as per IMF.