The International Monetary Fund warns that the world economy is losing momentum in the face of higher interest rates, the ongoing war in Ukraine and widening geopolitical rifts. The IMF said Tuesday that it expects global growth to slow to 2.9% in 2024 from an expected 3% this year. The 2024 forecast is down a notch from the 3% it predicted back in July. The deceleration comes at a time when the world has yet to fully mend from a devastating but short-lived COVID-19 recession in 2020. A series o
FILE - International Monetary Fund Director of the Research Department Pierre-Olivier Gourinchas speaks at a news conference during the World Bank/IMF Spring Meetings at the International Monetary Fund headquarters in Washington, on April 11, 2023. The world economy is losing momentum in the face of higher interest rates, the ongoing war in Ukraine and widening geopolitical rifts, the International Monetary Fund warned Tuesday Oct. 10, 2023.
The news isn’t all bad. The world economy has displayed “remarkable resiliency,” Gourinchas said, at a time when the U.S. Federal Reserve and other central banks worldwide have. That combination, he said, is “increasingly consistent” with a so-called soft landing — the idea that inflation can be contained without causing a recession.
The United States is a standout in the IMF’s latest World Economic Outlook. The IMF upgraded its forecast for U.S. growth this year to 2.1% and 1.5% in 2024 .German economy to shrink China’s economy was expected to bounce back this year after the communist government ended draconian “zero-COVID” lockdowns that had crippled growth in 2022. But the country is struggling with troubles in its
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