{"id":26578,"date":"2024-01-30T18:03:33","date_gmt":"2024-01-30T18:03:33","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/imf-revises-its-global-gdp-growth-forecast-upwards-for-2024"},"modified":"2024-01-30T18:38:59","modified_gmt":"2024-01-30T18:38:59","slug":"imf-revises-its-global-gdp-growth-forecast-upwards-for-2024","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/imf-revises-its-global-gdp-growth-forecast-upwards-for-2024","title":{"rendered":"IMF revises its global GDP growth forecast upwards for 2024"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>The International Monetary Fund (IMF) on Tuesday revised its global economic growth forecast upwards for 2024, reflecting upgrades for some leading economies.<\/p>\n

Global growth is projected to be 3.1% this year, 0.2 percentage points higher than its previous projections in October, while the estimate for 2025 has been kept unchanged at 3.2%.<\/p>\n

This was driven by better-than-expected resilience in the US and several large emerging markets and developing economies, as well as fiscal support from China, the IMF said in its January World Economic Outlook report.<\/p>\n

The figures both for 2024 and 2025 are lower than the historical annual average of 3.8%, owing to tight monetary policies, the withdrawal of fiscal support, and low productivity growth, the report added.<\/p>\n

Pointing to the faster-than-expected decline in inflation, amid easing supply disruptions and restrictive monetary policy, the IMF foresees that global headline inflation will drop to 5.8% in 2024 and 4.4% in 2025.<\/p>\n

The US economy is expected to grow 2.1% this year, an upward revision of 0.6 percentage points reflecting statistical carryover effects from last year\u2019s stronger-than-expected growth outcome. The US economy’s growth forecast for 2025 has been lowered to 1.7% from 1.8%.<\/p>\n

The IMF hiked its growth projection for China by 0.4 percentage points to 4.6% in 2024, thanks to stronger-than-expected growth in 2023 and increased government spending on capacity building against natural disasters, it said.<\/p>\n

The world’s second-largest economy is projected to grow by 4.1% in 2025, unchanged from the October forecast.<\/p>\n

The euro area’s GDP is expected to increase by 0.9% in 2024 and 1.7% in 2025, downgraded by 0.3 percentage points and 0.1 percentage points, respectively.<\/p>\n

The Turkish economy’s growth forecast was raised to 3.1% for 2024, up from the previous estimate of 3% in October, while it was kept stable at 3.2% for 2025.<\/p>\n

Boosted by resilient domestic demand, the Indian economy is estimated to grow by 6.5% in both 2024 and 2025, with an upgrade from October of 0.2 percentage points for both years.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. The International Monetary Fund (IMF) on Tuesday revised its global economic growth forecast upwards for 2024, reflecting upgrades for some leading economies. Global growth is projected to be 3.1% this year, 0.2 percentage points higher than its previous projections in October, while the estimate for 2025 has been kept unchanged at 3.2%. 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