IMF lifts global growth forecast to 3.2% in ’24

The International Monetary Fund (IMF) revised on Tuesday the world growth forecast upwards to 3.2 in 2024, reflecting a 0.1 percentage point increase from their January prediction, according to its World Economic Outlook report.

This upward revision reflects greater-than-expected resilience in the United States and several large emerging economies, according to the IMF.

Japan is forecast to experience growth of 0.9 per cent in 2024, followed by increase of 1.0 per cent in 2025, as per the statement.

The IMF predicted China’s growth would slow this year to 4.6 per cent from 5.2 per cent. It attributes this downward revision to the ongoing weakness in China’s property sector.

The real estate market has been a significant driver of China’s economic growth in recent years, but a prolonged downturn is now acting as a drag, the report said.

Meanwhile forecasts for India, one of the world’s fastest-growing economies, have been upgraded to 6.8 per cent for this year, followed by slight decline of 6.5 per cent in 2025.