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International Monetary Fund chief economist, Pierre-Olivier Gourinchas, at a news conference in Washington, DC, July 25, 2023. /CFP
The International Monetary Fund (IMF) on Tuesday raised its 2023 global growth estimates slightly, given resilient economic activity in the first quarter.
The global lender said it now projected global real GDP growth of 3.0 percent in 2023, up 0.2 percentage point from its April forecast.
It kept its forecast for growth in China unchanged at 5.2 percent for 2023 and 4.5 percent for 2024.
"We're on track, but we're not out of the woods," IMF chief economist Pierre-Olivier Gourinchas told Reuters in an interview.
The 2023-2024 growth forecast remains weak by historical standards, well below the annual average of 3.8 percent seen in 2000-2019, largely due to weaker manufacturing in advanced economies, and could remain at that level for years.
The IMF forecasts that global headline inflation would fall to 6.8 percent in 2023. Gourinchas said it could take until the end of 2024 or early 2025 for inflation to come in line with central bankers' targets, seeing a potential end to the current cycle of monetary tightening.
(With input from Reuters)
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