In pictures: IMF warns of stubborn inflation, weaker global growth in 2024

IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% in its outlook

Last updated: October 10, 2023 | 17:00

Compiled by Nivetha Dayanand, Web Editor, with inputs from Reuters

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The International Monetary Fund (IMF) raised its global inflation forecast for the next year.

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The IMF's projection for global consumer price increases in the next year is 5.8%, up from the previous estimate of 5.2%.

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The IMF advises central banks to maintain tight monetary policies until there is a sustained decrease in inflation.

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In most countries, the IMF anticipates inflation remaining above central bank targets until 2025.

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The IMF released these forecasts during its annual meetings held in Marrakech, Morocco, the first time in 50 years that they were held in Africa.

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Global central banks, including the US and European Union, have raised interest rates aggressively in response to high inflation.

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Factors contributing to the surge in inflation include supply chain disruptions due to the pandemic, fiscal stimulus, strong demand, and geopolitical factors like Russia's attack on Ukraine.

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The IMF forecasts global economic growth of 2.9% for the next year, slightly down from its previous estimate.

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The US had its economic growth projection revised upwards, while China's growth estimate was lowered due to real estate and economic challenges.

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The IMF warns of the potential fragmentation of the global economy into geopolitical blocs due to tensions between major powers and trade barriers, with trade growth slowing down as a result.

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