Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China on April 26, 2023.MARRAKECH, Morocco - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the US economy.
A fresh unexpected risk emerged in the form of the Israel-Palestinian conflict just as finance officials from 190 countries gathered in Marrakech for the annual meetings of the International Monetary Fund and World Bank, but came after the IMF's quarterly outlook update was locked down on Sept 26. The medium-term outlook is no better. The IMF is projecting growth of 3.1 per cent in 2028, well below the 4.9 per cent five-year forecast it had on the eve of the global financial crisis in 2008-2009.
Labour markets were generally quite buoyant and unemployment rates were at historical lows in most advanced economies, but there was not much evidence of a wage-price spiral that could trigger a second round of price inflation, even with a major strike by US autoworkers in the United States.
Source: Financial Digest (financialdigest.net)
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