🔆IMF Global Forecast for 2023-24 #Thread
1. Global growth is projected to fall from an estimated 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.
#IMF #RECESSION #GDP #INFLATION #WORLD
imf.org/en/Publication…
2. The forecast for 2023 is 0.2 percentage point higher than predicted in the October 2022 World Economic Outlook (WEO) but below the historical (2000–19) average of 3.8 percent.
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3. The rise in central bank rates to fight inflation and Russia Ukraine war continue to weigh on economic activity. The rapid spread of COVID-19 in China dampened growth in 2022, but the recent reopening has paved the way for a faster-than-expected recovery.
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4. Global inflation is expected to fall from 8.8 percent in 2022 to 6.6 percent in 2023 and 4.3 percent in 2024, still above pre-pandemic (2017–19) levels of about 3.5 percent.
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5. The balance of risks remains tilted to the downside, but adverse risks have moderated since the October 2022 WEO. On the upside, a stronger boost from pent-up demand in numerous economies or a faster fall in inflation are plausible.
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6. In most economies, amid the cost-of-living crisis, priority remains sustained disinflation. With tighter monetary conditions and lower growth affecting financial and debt stability, it is necessary to deploy macroprudential tools and strengthen debt restructuring frameworks.
7. Fiscal support should be better targeted at those most affected by elevated food and energy prices, and broad-based fiscal relief measures should be withdrawn.
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7(a) Stronger multilateral cooperation is essential to preserve the gains from the rules-based multilateral system and to mitigate climate change by limiting emissions and raising green investment.
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8. IMF GDP forecast for 2023- 2027
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9. IMF World financial forecast for 2023- 2027
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10. Top 10 Countries with highest inflation forecasted in year 2023!!
Many Asian countries, notably Japan, Taiwan, and China, are all predicted to see inflation lower than 3% in the upcoming year.
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10(a) When it comes to low inflation, Japan in particular stands out. With strict price controls, negative interest rates, and an aging population, the country is expected to see an inflation rate of just 1.4% in 2023.
#IMF #RECESSION #GDP #INFLATION #WORLD
11. While rising food and energy prices accounted for much of the inflation in 2022, the IMF’s World Economic Outlook highlights that core inflation, which excludes food, energy, transport and housing prices, is now a major driving factor in inflation rates around the world.
12. Core inflation would include things like supply chain cost pressures and the effects of high energy prices slowly trickling down into numerous industries and trends in the labor market, such as the availability of jobs and rising wages.
#IMF #RECESSION #GDP #INFLATION #WORLD
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