Global Economic Outlook Improved, IMF Raises 2024 Projection

Economics & Macro

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Adi Ahdiat 01/02/2024 12:45 WIB

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In its January 2024 World Economic Outlook, the IMF projects global economic growth this year to reach 3.1%, slightly more optimistic than its previous projection.

IMF's Global Economic Growth Projections 2024 (January 2024)

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IMF's Global Economic Growth Projections 2024 (January 2024)

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In the January 2024 edition of the *World Economic Outlook* (WEO), the International Monetary Fund (IMF) projects global economic growth this year to reach 3.1%.

This figure is a more optimistic revision than previous projections. In the October 2023 WEO, the IMF had forecast global economic growth in 2024 to reach only 2.9%.

The IMF also describes this year's global economic projection as "resilient but slow".

"This increase (in the global economic growth projection) reflects improvements in China, the United States, and developing countries," the IMF wrote in the January 2024 WEO.

"This projection is based on the assumption that fuel and non-fuel commodity prices will fall in 2024-2025, and that interest rates in advanced economies will decline," they stated.

The IMF estimates that the average price of crude oil will fall by 2.3% in 2024, and non-fuel commodity prices will fall by 0.9%.

Central bank interest rates in the US, Europe, and the UK are then predicted to fall starting in the second half of 2024, in line with easing inflation in those countries.

Cumulatively, the IMF projects global inflation to fall from 6.8% in 2023 to 5.8% in 2024.

However, the IMF notes that several risks could disrupt the optimism surrounding this year's economic growth.

These risks include the escalation of conflict in the Gaza Strip and the Red Sea, extreme weather that could disrupt food security, and worsening conditions in the property sector in China and elsewhere.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Economic Outlook Improved, IMF Raises 2024 Projection

Global Economic Outlook Improved, IMF Raises 2024 Projection

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