IMF Raises 2023 Global Growth Outlook to 2.9 Pct

Washington, Jan. 30 (Jiji Press)--The International Monetary Fund has raised its global economic growth outlook for 2023 by 0.2 percentage point to 2.9 pct.

The upward revision, included in the institution's latest World Economic Outlook report, reflected the full reopening of the Chinese economy following Beijing's shift away from its zero COVID-19 policy, as well as stronger-than-expected performances of the economies of many countries.

Meanwhile, the IMF lowered its 2024 growth estimate by 0.1 point to 3.1 pct.

This year "could represent a turning point, with (global) growth bottoming out and inflation declining," IMF Economic Counsellor Pierre-Olivier Gourinchas said. Growth "will remain weak by historical standards as the fight against inflation and Russia's war in Ukraine weigh on activity," but the outlook "is less gloomy than in our October (2022) forecast," he said.

According to the report, global inflation is expected to decelerate from 8.8 pct in 2022 to 6.6 pct in 2023 and 4.3 pct in 2024.

[Copyright The Jiji Press, Ltd.]