The International Monetary Fund (IMF) raised its economic growth forecasts for China, India and Europe on July 16 while slightly reducing its outlook for the U.S. and Japan.
The global economy is expected to grow 3.2% this year, unchanged from April’s IMF forecast and slightly down from 3.3% in 2023.
IMF’s Chief Economist Pierre-Olivier Gourinchas highlighted the role of China and India, which are projected to account for nearly half of this year’s global growth. The IMF upgraded China’s growth forecast to 5% from 4.6% due to a surge in exports early in 2024, despite a slowdown in the second quarter.
The IMF noted that persistent inflation in services, such as airline travel and restaurant meals is hindering process against prices
For more detailed information, view the full report here.
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