China News Agency, Washington, October 10 (reporter Sha Hatting) The International Monetary Fund (IMF) released the latest World Economic Outlook Report on the 10th local time, predicting that the global economy will grow by 3.0% in 2023 and 2.9% in 2024, which is 0.1 percentage point lower than the forecast in July this year.
The report shows that the global economy continues to recover from the COVID-19 pandemic and the Ukraine crisis, but the recovery process remains slow and uneven. While the global economy showed resilience earlier this year, economic activity remains below pre-pandemic levels and countries are increasingly divided.
Global economic growth is projected to slow from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024, both below the historical (2000-2019) average of 3.8%.
Specifically, advanced economies are expected to grow by 1.5 per cent this year and 1.4 per cent next year, unchanged from their July forecasts. The US and eurozone economies are expected to grow by 2.1% and 0.7%, respectively, this year, and 1.5% and 1.2%, respectively, next year. Emerging market and developing economies are expected to grow by 4.0% this year and 4.0% next year, down 0.1 percentage point from the July forecast. China's economy is expected to grow 5.0% this year and 4.2% next year.
With tighter monetary policy and lower international commodity prices, global inflation is expected to decline steadily from 8.7 per cent in 2022 to 6.9 per cent in 2023 and 5.8 per cent in 2024. Overall, inflation in most countries is not expected to return to target until 2025.
The IMF advises that many countries are close to the peak of their tightening cycles and do not need to tighten further; Higher long-term growth will be achieved through structural reforms, with a particular focus on governance, corporate regulation, and the external sector. Multilateral cooperation can help ensure better growth outcomes for all countries; Countries should work to limit geo-economic fragmentation and restore trust in rules-based multilateral frameworks to promote transparency and policy certainty and help promote shared global prosperity.