IMF sees slow, steady 2024 global growth; China, inflation pose risks

WASHINGTON — The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with US strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars.The IMF forecast global real GDP growth of 3.2% for 2024 and 2025—the same rate as in 2023. The 2024 forecast was revised upward by 0.

But it warned that the lack of a comprehensive restructuring package for the country's troubled property sector could prolong a downturn in domestic demand and worsen China's outlook.Such a situation could also intensify deflationary pressures in China's economy, leading to a surge in cheap exports of manufactured goods that could stoke trade retaliation by other countries—a scenario that US Treasury Secretary Janet Yellen warned about during a trip to China earlier this month.

Source: Financial Digest (financialdigest.net)

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