Global economic growth forecast by International Monetary Fund

Very interesting 2023 forecast by International Monetary Fund regarding global growth. Good news is that most countries will avoid a recession this year.

Our summary below:

• Global growth is projected to 2.9% in 2023 and further rise to 3.1% in 2024 (forecast for 2023 is +0.2% than predicted in Oct 2022).
• Key elements for better forecast are due to China reopening as it scraped zero-Covid policy and gas prices fall due to warm winter.
• Global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and further 4.3% in 2024. Inflation still will be above pre-covid (2017–19) levels of 3.5%.
• UK is expected to be the only leading economy to shrink in 2023, with GDP forecast of -0.6% and further rise to 0.9% in 2024.

Source: International Monetary Fund