Global economic growth will drop from 3.5% in 2022 to 3% in 2023 and 2024. That’s according to the International Monetary Fund’s July 2023 “World Economic Outlook” report, subtitled “Near-Term Resilience Persistent Challenges.”
The IMF updates its economic database and publication twice a year. The IMF’s forecasts use a “bottom-up” approach, starting with individual countries and then aggregating into overall global projections.
According to the IMF, the United States will experience a deceleration in growth, going from 2.1% in 2022 to 1.8% in 2023 and 1% in 2024. The euro region will drop from 3.5% growth in 2022 to 0.9% in 2023 but will likely rebound to 1.5% in 2024.
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The IMF anticipates advanced economies to have a significant slowdown, from 2.7% growth in 2022 to 1.5% in 2023.
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Meanwhile, emerging markets and developing economies will maintain relatively stable growth in 2023 and 2024, per the IMF.
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According to the IMF, the global consumer inflation rate, including food and energy, stood at 8.7% in 2022 and will likely drop to 6.8% in 2023 and 5.2% in 2024.
