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April 16, 2024

IMF presents World Economic Outlook April 2024


Photo: First Deputy Managing Director of IMF, Gita Gopinath, holds a bilateral meeting with Changneng Xuan, deputy governor of the National Bank of China, during the 2024 Spring Meetings of the World Bank Group and International Monetary Fund in Washington, DC, on April 15, 2024. IMF Photo / Lewis Joly. Image provided by & copyright © IMF.


Photo: Director of the Research Department at IMF, Pierre-Olivier Gourinchas, poses with the April 2024 World Economic Outlook during the 2024 Spring Meetings of the World Bank Group and International Monetary Fund in Washington, DC, April 16, 2024. IMF Photo / Sarah Silbiger. Image provided by & copyright © IMF.



Washington, DC, April 16, 2024 — On Tuesday, the IMF released its World Economic Outlook for April 2024, with some positive news to report. The global economy is projected to continue growing steadily at a rate of 3.2% in 2024 and 2025, which aligns with 2023’s growth rate. While this is slightly below the historical average of 3.8%, it’s still a positive sign of continued economic activity. Additionally, global headline inflation is expected to decrease from an average of 6.8% in 2023 to 5.9% in 2024 and then further to 4.5% in 2025.

Since October 2023, the global economic landscape has seen a reduction in risks, leading to a more balanced distribution of potential outcomes around the baseline projection for international growth. However, it’s important to note the potential upsides that could further boost the economy. These include fiscal policy proving to be more expansionary than expected or advancements in artificial intelligence boosting productivity, offering a glimmer of hope for a more prosperous future.

Overall, the IMF’s chief economist, Pierre-Olivier Gourinchas, underscored the need for smooth inflation convergence to target levels and rebuilding fiscal buffers to guard against future shocks. Additionally, intensifying supply-enhancing reforms would facilitate inflation and debt reduction while allowing economies to increase growth toward higher pre-pandemic averages. However, the most pressing call is for world leaders to strengthen multilateral cooperation. It is not just a suggestion but a necessity to make progress on common goals such as climate change and mitigate the costs of geoeconomic fragmentation.

Source: IMF

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Edited & Posted by the Editor | 12:19 PM | Link to this Post

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