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IMF upgrades US economic growth forecast for 2024 and 2025

Growth is expected to slow to 2.2% in 2025, as gradual fiscal tightening and a cooling labor market slow consumption growth, the report said

WASHINGTON, October 22. /TASS/. The International Monetary Fund (IMF) raised its forecast for the US economic growth to 2.8% this year and 2.2% in 2025, according to the IMF report on the prospects for the development of the world economy.

The forecast for 2024 was raised by 0.2 percentage points (p.p.), and for next year - by 0.3 p.p. compared to the July data.

Growth is expected to slow to 2.2% in 2025, as gradual fiscal tightening and a cooling labor market slow consumption growth, the report said.

In September, the Federal Reserve, which acts as the country's central bank, lowered its benchmark interest rate to 4.75-5%. The reduction in the rate range was expected by the market. The figure was at its highest level since 2000. The Fed last cut the rate in 2020 to support the economy amid the pandemic. Later it peaked at 5.25-5.50% due to rising inflation.

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