IMF says 2023 global growth to slow, but projection better than Oct.

The International Monetary Fund said Monday that global growth is forecast to fall to 2.9 percent in 2023 from an estimated 3.4 percent last year, warning of downside risks from higher interest rates and Russia’s ongoing war in Ukraine.

But the bright side is that the forecast is 0.2 percentage point higher than the IMF previously projected in October, with the institution expecting the world economy to grow 3.1 percent in 2024, as it sees inflation peaking and the post-pandemic recovery unleashing pent-up demand.

Japan’s growth forecast for this year is expected to rise to 1.8 percent, up 0.2...