IMF lifts 2023 global growth forecast to 3%

The International Monetary Fund on Tuesday moderately increased its 2023 global growth forecast, upping it to 3.0 percent from 2.8 percent in April, due to solid consumer spending in the United States and some other countries.

Still, the forecast is lower than the 3.5 percent growth estimated to have occurred in 2022. While noting that world economic activity was resilient in the first quarter, especially in the services sector, the IMF cautioned against downside risks, such as high inflation and interest rates, as well as a potential slowdown in the Chinese economy.

The IMF’s updated World Ec...