WASHINGTON, October 10. /TASS/. The IMF slightly worsened its outlook for the global economic growth in 2024, according to the IMF report on the prospects for the development of the world economy.
"According to our latest projections, global growth will slow from 3.5% in 2022 to 3% this year and 2.9% next year, a 0.1 percentage point downgrade for 2024 from our July projections. This remains well below the historical average," the report says.
The IMF did not change its estimates of GDP growth rates for the current and last years published in July.
"At the same time, there are more sizable changes in the underlying growth trajectories of major economies, with stronger projections for the United States and downward revisions for China and the euro area," according to the document.
"More than three years after the global economy suffered the largest shock of the past 75 years, the wounds are still healing, amid widening growth divergences across regions. After a strong initial rebound from the depths of the COVID-19 pandemic, the pace of recovery has moderated," the IMF experts say.
According to them, several factors are holding back the recovery, which include "long-term consequences of the pandemic," the events related to Russia’s special military operation in Ukraine, and "increasing geoeconomic fragmentation."
In addition, as the report states, the global economic recovery is being negatively impacted by the " monetary policy tightening necessary to reduce inflation, withdrawal of fiscal support amid high debt, and extreme weather events."
The document notes that "food prices have declined modestly in 2023, with lower demand offset by supply reductions." It was allegedly due, in particular, to the termination of the Black Sea Grain Initiative.