IMF maintains 2024 GDP growth forecast, warns of inflation risks
The International Monetary Fund has reaffirmed its forecast of global GDP growth at 3.2% for 2024, highlighting increased risks of inflation that could prolong high interest rates, IMF Chief Economist Pierre-Olivier Gourinchas said during the presentation of the updated World Economic Outlook (WEO), Ukrinform reported on July 16.
The document specifies that "global growth will align with the WEO forecast of 3.2% in 2024 and 3.3% in 2025."
The report also notes varying economic dynamics across different regions. Compared to the WEO in April 2024, the first quarter saw unexpectedly positive growth in many countries, although both Japan and the United States experienced notable negative "surprises."
In the U.S., after a prolonged period of economic expansion, there was a slowdown in consumption. In Japan, unexpected negative growth was attributed to temporary supply disruptions related to a halt at a major automotive plant in the first quarter.
Europe showed signs of a more dynamic economic recovery due to improvements in the services sector. In China, a revival in domestic consumption contributed to positive growth in the first quarter.
Earlier reports indicated that the World Bank forecasted the strongest global economic recovery in the past 80 years.
Aggregate global debt has risen to a new record level of nearly $300 trillion as of the second quarter of 2021.
The IMF warned in February 2024 of threats to the global economy.
The world is $315 trillion in debt, according to the Institute of International Finance on May 28.
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