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
FILE - Containers are pictured in the harbor in Frankfurt, Germany, on July 28, 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 world economy is losing momentum in the face of higher interest rates, the ongoing war inThe IMF said it expects global economic growth to slow to 2.9% in 2024 from an expected 3% this year.
The IMF expectation of 3% growth this year is down from 3.5% in 2022 but unchanged from its July projections. The IMF sees global consumer price inflation dropping from 8.7% in 2022 to 6.9% this year and 5.8% in 2024. Things are gloomier in the 20 countries that share the euro currency and are more exposed to rising energy prices. The IMF downgraded eurozone growth to 0.7% this year and 1.2% in 2024. It actually expects the German economy to shrink by 0.5% this year before recovering to 0.9% growth next year.
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