MARRAKECH, Morocco – The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone, and said overall global growth remained low and uneven despite what it called the “remarkable strength” of the United States economy.
Mr Gourinchas told Reuters it was too early to say how the major escalation would affect the global economy. Stronger growth is being throttled by the lingering impact of the pandemic, the Ukraine war and increasing fragmentation, along with rising interest rates, extreme weather events and shrinking fiscal support, the IMF said.
Inflation continued to decline around the globe due to a fall in energy prices and, to a lesser extent, food prices, but remained too high. It is expected to drop to an annual average of 6.9 per cent in 2023 from 8.7 per cent in 2022, and to 5.8 per cent in 2024. “We’re not seeing strong signs of an out-of-control sequence of wages chasing prices and prices chasing wages,” he told Reuters.
The IMF raised its forecast for US growth by 0.3 percentage point to 2.1 per cent for 2023, and by 0.5 percentage point to 1.5 per cent for 2024, citing stronger business investment and growing consumption. That makes the US the only major economy to beat pre-pandemic forecasts.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF says global economy 'limping along,' cuts growth forecast for China, euro areaMARRAKECH, Morocco - The International Monetary Fund on Tuesday (Oct 10) 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. The IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0 per cent in its...
Source: asiaonecom - 🏆 10. / 59 Read more »
30 upcoming HDB BTO projects reaching MOP in 2024/25: Here's where to find themIn 2023, despite some HDB estates experiencing moderating prices, a consistent trend remains: for homeowners desiring a long-term stay in HDB and finding the wait for a BTO daunting, flats that have freshly reached their Minimum Occupation Period (MOP) present an enticing opportunity. Amidst market dynamics shaped by factors such as rising interest rates and surging private home prices, these...
Source: asiaonecom - 🏆 10. / 59 Read more »
Talking Point 2023/2024 - Malware Scams Part 1: How Do They Work?Some 750 people have lost a combined total of over S$10 million to malware app scams. In this episode, host Steven Chia investigates how these scams work and tries to bait a scammer.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Robert F. Kennedy Jr declares independent 2024 presidential run, raises millions moreKennedy's announcement complicates a 2024 race heading toward a rematch between President Joe Biden. Read more at straitstimes.com.
Source: STForeignDesk - 🏆 4. / 71 Read more »
Key industries to drive IPO market growth in 2024The IPO market climate in 2024 will be in favor of the healthcare, education, and technology sectors such as AI.
Source: SBRMagazine - 🏆 13. / 51 Read more »
Nikki Haley raises US$11 million in battle to take on Trump in 2024 Republican raceRepublican presidential candidate Nikki Haley raised more than US$11 million between July and September, according to her campaign, a significant haul that reflects growing interest in her bid to take on former US President Donald Trump for the party's nomination. Three months before Republicans hold their
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »