7/25/2023, 3:12 PM (Source: TeleTrader)
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IMF raises global GDP growth to 3% in 2023

Global growth is projected to drop from an estimated 3.5% in 2022 to 3.0% in 2023 and 2024, a slightly better figure than projected in April, the IMF said Tuesday.

"The rise in central bank policy rates to fight inflation continues to weigh on economic activity. Global headline inflation is expected to fall from 8.7 percent in 2022 to 6.8 percent in 2023 and 5.2 percent in 2024," the report said.

In addition, the IMF also noted that the recent settlement of the US debt ceiling dispute and the actions to contain the turmoil in the US and Swiss banking sectors lowered the immediate risks of turbulence in the financial industry. The report also said that inflation could fall faster than expected.

Baha Breaking News (BBN) / JG