The International Monetary Fund (IMF) declared on April 11 it has revised its global economic upswing estimates for 2023 and 2024. The report states that the worldwide economy may bottom out at 2.8% and climb modestly to 3% next year. Both expectations are 0.1 pp below the IMF's previous projections made in January.
The report reads that global inflation will fall more slowly than initially anticipated, from 8.7% in 2022 to 7% in 2023 and 4.9% in 2024.
Besides, advanced economies would see an especially pronounced growth slowdown, from 2.7% in 2022 to 1.3% in 2023.
The financial agency said this year’s economic slowdown is focused on advanced economies, especially the euro area and the UK, where growth would fall to 0.8% and minus 0.3% in 2023 before rebounding to 1.4% and 1%, respectively.
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