The IMF raises its global growth forecast for 2023: news by 2.9 percent. Last Minute GERMANY, ASIA, France, England, Spain, Russia headlines and events
The International Monetary Fund (IMF) has revised its growth forecast for the global economy for 2023 upward.
Continued demand in the US and Europe, lower energy prices and the reopening of the economy as China lifts its COVID-19 restrictions have prompted the IMF to raise its global growth forecast for 2023.
In its updated World Economic Report, the IMF said global growth would fall from 3.4 percent in 2022 to 2.9 percent, but raised its previous forecast to 2.7 percent.
IMF chief economist Pierre-Olivier Gourinsha said global recession risks are declining and central banks are making progress on controlling inflation but more work is needed to control prices and that with the war in Ukraine further escalating, China is fighting COVID-19. He said that the fight could cause new negativity.
“We have to be prepared for the unexpected, but this could be a turning point when growth bottoms out and then inflation falls,” Gurinshas told reporters about the outlook for 2023.
Turkey’s growth forecast for 2023 unchanged
Country growth forecasts have also been updated in the IMF report. Accordingly, while the IMF maintains its growth forecast for the Turkish economy at 3 percent this year, the country’s economy is projected to grow by 3 percent in 2024.
The expected growth of the Turkish economy in 2022 was set at 5.5 percent. In its report released last October, the IMF predicted that the Turkish economy would grow by 5 percent in 2022.
US and Eurozone Growth Forecasts Raised
The US economic growth forecast for 2023 has been raised from 1 percent to 1.4 percent. The country’s economic growth forecast for 2024 has also been lowered from 1.2 percent to 1 percent. In 2022, the country grew by 2 percent.
While the growth forecast for the eurozone economy for this year has been raised from 0.5 percent to 0.7 percent, the forecast for 2024 has been revised up from 1.8 percent to 1.6 percent.
While Germany’s growth forecast, which was previously forecast to contract by 0.3 percent this year, was raised to 0.1 percent, Italy’s growth forecast was similarly raised and is expected to contract by 0.2 percent. this year. up to 0.6 percent.
While France’s 2023 growth forecast was kept at 0.7 percent, Spain’s growth forecast was cut from 1.2 percent to 1.1 percent.
Growth forecasts for next year were also cut from 1.5% to 1.4% for Germany, from 1.3% to 0.9% for Italy and from 2.6% to 2.4% for Spain. The growth forecast for the French economy for next year was left unchanged at 1.6 percent.
It was noted that the UK economy, which was previously forecast to grow by 0.3% this year, is expected to contract by 0.6% in 2023. The growth forecast for the UK economy for 2024 has been raised from 0.6% to 0.9%.
With these changes, the expected growth for the group of developed countries has been increased from 1.1 percent to 1.2 percent in 2023 and lowered from 1.6 percent to 1.4 percent in 2024.
China growth forecast raised to 5.2 percent
The IMF has sharply raised China’s economic growth forecast for this year from 4.4 percent to 5.2 percent. The growth forecast for the Chinese economy for 2024 was maintained at 4.5 percent.
The expected growth of the Indian economy this year remained unchanged at 6.1 percent. In 2024, it is projected to grow by 6.8 percent, the same as last year.
Gurinshas, the IMF’s chief economist, said the two Asian economic centers will provide more than 50 percent of global growth in 2023.
In 2023, the Russian economy, which was previously estimated to contract by 2.3 percent this year, is projected to grow by 0.3 percent. The growth forecast for the Russian economy for 2024 has also been raised from 1.5 percent to 2.1 percent.
In 2021, global economic growth was 6 percent, and in 2022 it fell to 3.2 percent.
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