The global economy is forecast to grow 2.9 per cent this year – 0.2 per cent higher than predicted in October, according to the International Monetary Fund.
Central bank efforts to curb high and rising inflation are paying off and the global economy may have reached a turning point, says the International Monetary Fund’s updated economic outlook for 2023.
The global push to raise rates and curb inflation is still weighing heavily on economies. Growth of just under 3 per cent in 2023 is down 3.4 per cent in 2022 and well below the historical average of 3.8 per cent.“Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity,” said Pierre-Olivier Gourinchas, director of research and economic counsellor at the IMF.
“While the slight upgrades to global growth are welcome, the IMF is still predicting the weakest two-year period for the global economy – aside from the downturns caused by the GFC and pandemic – in a generation,” he said.
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