The global economy will grow by 4.4% this year, slightly down from an initial estimate of 4.9% in October.
- The Washington-based IMF Fund expects 3.8% growth for 2023, up from the initial forecast, but total expansion for the two years will still be 0.3 percentage points lower than the prior forecast.
- The US saw its outlook downgraded on the outlook for President Joe Biden’s spending agenda and China on real estate challenges.
- The global economy grew by 5.9% in 2021, according to the estimates of the IMF, the most in four decades. That followed a 3.1% drop in 2022, the worst decline since the Great Depression.
- Gita Gopinath, the chief economist at the IMF, stated that the last two years confirm that this crisis and the ongoing recovery is like no other.
Gopinath further stated that policymakers must aggressively monitor a broad amount of incoming economic data, prepare contingencies, and be ready to execute quick policy changes.
DXY up +0.29%, EUR USD down -0.42%Source: IMF
