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IMF projects slow global growth amid economic slowdown
The Business Guardian
|October 31, 2023
The International Monetary Fund (IMF) has recently issued a sobering projection, revealing that global economic growth is expected to remain at a sluggish 3.0 percent in 2023, with a further decline to 2.9 percent in 2024.
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This announcement comes as the latest edition of the World Economic Outlook is published, reflecting one of the lowest growth rates the world has witnessed in decades. The global economy continues to grapple with multiple shocks and the increasing cost of living, setting the stage for a challenging economic landscape in the coming years.
The IMF’s “Navigating Global Divergences” report for October 2023 emphasizes the daunting challenges faced in achieving substantial economic recovery on a global scale. The baseline forecast anticipates a slowdown in global growth from 3.5 percent in 2022 to 3.0 percent in 2023 and a further decline to 2.9 percent in 2024. This decline is a significant departure from the historical average of 3.8 percent recorded between 2000 and 2019.
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