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The International Monetary Fund (IMF) on Tuesday maintained its growth forecast for China at 5.2 percent for this year, saying the country's reopening raised hopes for "positive spillovers" to the rest of the world.
Global growth will bottom out at 2.8 percent in 2023 before rising modestly to 3 percent in 2024, 0.1 percentage point below its January projections, according to the organization's newly-released World Economic Outlook (WEO) on Tuesday.
"Global inflation will fall, though more slowly than initially anticipated, from 8.7 percent last year to 7 percent this year and 4.9 percent in 2024," the outlook said.
IMF projected that economic prospects of emerging market and developing economies are on average stronger than advanced economies.
"On average, growth is expected to be 3.9 percent in 2023 and to rise to 4.2 percent in 2024," the organization said.
However, the Fund asserted that growth of advanced economies will decline by half in 2023 to 1.3 percent, before rising to 1.4 percent in 2024.
"About 90 percent of advanced economies are projected to see a decline in growth in 2023," according to the outlook.
(Cover: IMF logo is seen outside the headquarters in Washington, U.S. /Reuters)
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Disinformation report hotline: 010-85061466