Global economic growth to ease to 3.2% in 2024, IMF predicts

Posted on October 23, 2024   |  

Global growth is projected to slow to 3.2% in 2024 and stay the same in 2025, according to the IMF.

Global inflation is expected to decrease, reaching 5.8% this year and falling further to 4.3% by 2025.

U.S. growth is forecasted to hit 2.8% this year, slightly lower than 2023’s 2.9%, and to ease to 2.2% in 2025, as spending slows and fiscal policies tighten.

Europe's economy is predicted to grow by only 0.8% in 2024, with a slight improvement to 1.2% in 2025, while Germany’s growth outlook was downgraded.

The U.K. is expected to see faster growth in 2024 and 2025, helped by lower inflation and interest rates boosting demand.

Japan's growth is forecasted to drop to 0.3% this year but to rise to 1.1% next year due to stronger wage growth and consumer spending.

China's economy is predicted to slow from 5.2% last year to 4.8% this year, with further cooling to 4.5% by 2025.

India's growth is expected to slow from 8.2% in 2023 to 7.0% this year, and further to **6.5% by 2025, as the boost from post-pandemic demand fades.