IMF outlook worsens for a world economy left ''limping'' by shocks like Russia's war

[andhra_jp]

The IMF said it expects global economic growth to slow to 2.9 per cent in 2024 from an expected 3 per cent this year. 

The forecast for next year is down a notch from the 3 per cent it predicted back in July.

The IMF expectation of 3 per cent growth this year is down from 3.5 per cent in 2022.

The IMF sees global consumer price inflation dropping from 8.7 per cent in 2022 to 6.9 per cent this year and 5.8 per cent in 2024.

The United States is a standout in the IMF's latest World Economic Outlook. The IMF upgraded its forecast for US growth this year to 2.1 per cent (matching 2022) and 1.5 per cent in 2024 (up sharply from the 1 per cent it had predicted in July).

Things are gloomier in the 20 countries that share the euro currency and are more exposed to rising energy prices.

The IMF downgraded eurozone growth to 0.7 per cent this year and 1.2 per cent in 2024. It actually expects the German economy to shrink by 0.5 per cent this year before recovering to 0.9 per cent growth next year.

The Chinese economy, the world's second biggest, is forecast to grow 5 per cent this year and 4.2 per cent in 2024 both downgrades from what the IMF expected in July.

It sees international trade growing just 0.9 per cent this year and 3.5 per cent in 2024, down sharply from the 2000-2019 annual average of 4.9 per cent.