IMF upgrades outlook for the global economy in 2023

The International Monetary Fund has revised up its outlook for the global economy in 2023 but still expecting a slowdown this year before a rebound in 2024.

According to an IMF report released on January 30, the world gross domestic product growth rates will remain weak due to the ongoing Russia-Ukraine war and high inflation figures, Anadolu reports.

The world economy is expected grow 2.9 per cent in 2023, upgraded from 2.7 per cent in the IMF’s October report, but down from 3.4 per cent expansion for 2022.

The IMF expected a rebound to 3.1 per cent in 2024.

Advanced economies will see bigger decreases in growth rates, from 2.7 per cent in 2022 to 1.2 per cent in 2023 and 1.4 per cent in 2024.

The GDP growth rate expectations for the US was at 1.4 per cent in 2023 and 1 per cent in 2024.

The report also showed that the British economy is expected to narrow 0.6 per cent in 2023 before expanding 0.9 per cent next year.

The growth forecasts for emerging markets and developing economies were at 4 per cent in 2023 and 4.2 per cent in 2024.

The Russian economy, which shrank 2.2 per cent in 2022, is expected expand 0.3 per cent this year and 2.2 percent next year.

In its October report, the IMF forecast 1.1 per cent growth for advanced economies and 3.7 per cent for emerging market and developing economies.