IMF boosts 2024 global economic forecast amid US economy's resurgence

Posted on April 22, 2024   |  

The International Monetary Fund (IMF) has adjusted its global economic forecast, citing a recovery in the United States and positive growth prospects in India.

While the IMF sees overall economic resilience worldwide, it notes a long-term outlook that is the lowest in decades.

China's economic growth is expected to slow this year, and Europe's recovery is anticipated to be slower compared to the US.

The IMF predicts global economic growth at 3.2%, slightly higher than previous estimates, with a low 10% chance of a global recession.

However, the five-year growth forecast of 3.1% is the lowest in decades, indicating a cautious long-term perspective.

The IMF has raised its projection for US economic growth this year to 2.7%, a 0.6% increase from earlier forecasts.

India's growth prospects have also been upgraded to 6.8%, contrasting with China's projected decline to 4.6% from last year's 5.2%