WASHINGTON, January 31. /TASS/. The International Monetary Fund (IMF) expects US GDP to grow by 1.4% in 2023, with a growth rate of 1% in 2024, according to the IMF’s World Economic Outlook update published on Monday.

"In the United States, growth is projected to fall from 2.0% in 2022 to 1.4% in 2023 and 1.0% in 2024. With growth rebounding in the second half of 2024, growth in 2024 will be faster than in 2023 on a fourth-quarter-over-fourth-quarter basis, as in most advanced economies. There is a 0.4 percentage point upward revision for annual growth in 2023, reflecting carryover effects from domestic demand resilience in 2022, but a 0.2 percentage point downward revision of growth in 2024 due to the steeper path of Federal Reserve rate hikes, to a peak of about 5.1% in 2023," the report said.

The IMF also noted that around 90% of advanced economies will face economic growth slowdown in 2023. "For advanced economies, growth is projected to decline sharply from 2.7% in 2022 to 1.2% in 2023 before rising to 1.4% in 2024, with a downward revision of 0.2 percentage point for 2024. About 90% of advanced economies are projected to see a decline in growth in 2023," the report said.

As for the emerging market and developing economies, "growth is projected to rise modestly, from 3.9% in 2022 to 4.0% in 2023 and 4.2% in 2024, with an upward revision of 0.3 percentage point for 2023 and a downward revision of 0.1 percentage point for 2024. About half of emerging market and developing economies have lower growth in 2023 than in 2022," the IMF said.