The International Monetary Fund urged countries on Wednesday to rein in fiscal spending and rebuild their buffers, but said that could prove difficult in the world’s biggest-ever election year.
The United States will hold its presidential election in November, while voters in India will begin voting later this month. Taiwan, Portugal, Russia and Turkey have already held elections. The IMF said on Tuesday the global economy is set for another year of slow but steady growth, forecasting global real GDP growth of 3.2 per cent for 2024 and 2025 – the same rate as in 2023.
Global public debt, meanwhile, edged up to 93 per cent of gross domestic product in 2023 – about 9 percentage points above the pre-pandemic level. The debt increase was led by the U.S. and China, where debt rose by more than 2 and 6 percentage points, respectively.
Imf Election Gdp Spending Cent Tax World IMF International Monetary Fund Taiwan
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