The Fund's World Economic Outlook forecast real gross domestic product (GDP) growth of 2.8% in 2023 and 3.0% in 2024 theSun theSundaily IMF IMFMeetings WorldBank GDP inflationAttention
The International Monetary Fund warned on Tuesday that lurking financial system vulnerabilities could erupt into a new crisis and slam global growth this year, but urged member countries to keep tightening monetary policy to fight persistently high inflation.
The Fund's World Economic Outlook forecast real gross domestic product growth of 2.8% in 2023 and 3.0% in 2024 – one-tenth of a percentage point lower than what it predicted in January for each year. The global economy grew 3.4% in 2022. The IMF’s Global Financial Stability Report warned of a “perilous combination of vulnerabilities” in financial markets, saying that some participants had failed to adequately prepare for the impact of interest rate increases.
Despite the warnings, the IMF's chief economist, Pierre-Olivier Gourinchas, said inflation is still the bigger problem and that price stability should take precedence over financial stability risks for central banks' monetary policy. Only in the event of a very severe financial crisis should those priorities be reversed, he said in a news conference.
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