IMF forecasts global growth to slow to 3.0 pct in 2023, 2024

File photo taken on April 6, 2021 shows an exterior view of the International Monetary Fund (IMF) headquarters in Washington, D.C., the United States. (Photo by Ting Shen/Xinhua)

Growth in emerging markets and developing economies is expected to pick up with year-on-year growth accelerating from 3.1 percent in 2022 to 4.1 percent this year and next.

NEW YORK, July 25 (Xinhua) -- Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3.0 percent in 2023 and 2024, and China's growth will stay unchanged at 5.2 percent for 2023 and 4.5 percent for 2024, said the International Monetary Fund (IMF) on Tuesday.

"While the forecast for 2023 is modestly higher than predicted in the April 2023 World Economic Outlook, it remains weak by historical standards," said the IMF in the latest World Economic Outlook Update. "The rise in central bank policy rates to fight inflation continues to weigh on economic activity."

Global headline inflation is expected to fall from 8.7 percent in 2022 to 6.8 percent in 2023 and 5.2 percent in 2024. Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward, it said.

For advanced economies, the report noted, the growth slowdown projected for 2023 remains significant -- from 2.7 percent in 2022 to 1.5 percent in 2023.

About 93 percent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 percent, it said.

In the United States, growth is projected to slow from 2.1 percent in 2022 to 1.8 percent in 2023 and further to 1.0 percent in 2024.

Growth in emerging markets and developing economies is expected to pick up with year-on-year growth accelerating from 3.1 percent in 2022 to 4.1 percent this year and next.