The International Monetary Fund (IMF) slightly lowered its outlook for the global economy on Tuesday, while predicting that most countries will avoid a recession this year despite economic worries and geopolitical strains.
Concerns over high inflation, rising geopolitical tensions and financial stability hang over the updated forecasts, with the impact of war in Ukraine continuing to dampen growth and drive up consumer prices in many countries.
The IMF's expectations for the United States were slightly rosier: the world's largest economy is expected to grow by 1.6 percent in 2023, marginally higher than previously predicted. But serious risks relating to financial stability have emerged, he said, referring to banking turmoil unleashed last month after the dramatic collapse of Californian lender Silicon Valley Bank.The overall picture painted by the WEO is gloomy, with global growth forecast to slow in both the short and medium terms.
The IMF expects global inflation to slow to seven percent this year, down from 8.7 percent last year, according to the WEO. It is then expected to fall to 4.9 percent in 2024. But the area's biggest economy, Germany, is now expected to contract by 0.1 percent this year, joining the United Kingdom, the only other G7 country expected to enter recession in 2023.
And Russia is now expected to grow by 0.7 percent this year, up 0.3 percentage points on January's forecast, despite its invasion of Ukraine.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank, IMF spring meetings to get underway in complex economic environmentThe World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability.
Read more »
PH economic team to boast resilient, stable PH in WB-IMF Spring MeetingsThe Marcos administration's economic team will be in the United States this week to paint a resilient, fast-growing, open, united, and politically stable Philippines at the sidelines of the World Bank-International Monetary Funk (WB-IMF) Spring Meetings in Washington, DC.
Read more »
IMF's Georgieva says 44 countries interested in new resilience trust loansSo far, Rwanda, Barbados, Costa Rica, Bangladesh, and Jamaica have reached agreements for loan programs from the International Monetary Fund's Resilience and Sustainability Trust.
Read more »
Diokno touts economic data of PHL before IMF | Raadee S. SausaAMID the unprecedented Covid-19 pandemic and the ongoing global uncertainties, the Philippines has transformed into one of the fastest-growing economies in the world, Finance Secretary Benjamin Diokno said on Monday. “The Philippines did not sit idly by and wait for the virus to fade. Instead it adopted new laws to…
Read more »
IMF warns deeper financial turmoil would slam global growth'With the recent increase in financial market volatility, the fog around the world economic outlook has thickened,' says the International Monetary Fund.
Read more »
BSP not in a hurry to pause rate hikesMonetary policymakers in the Philippines still need to look at upcoming April inflation data to see whether interest rate hikes could pause in the May meeting of the MB, according to BSP Governor Felipe Medalla. | RonWDomingoINQ /PDI
Read more »