World Economy

IMF Raises 2024 Global Growth Forecast

The International Monetary Fund (IMF) has raised its global economic growth forecast from 2.9% to 3.1% for 2024, based on what they said was “greater than expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China.”

The US economy was revised upwards by 0.6 percentage points (pp.) from the IMF’s October 2023 outlook to 2.1%, with China revised up 0.4 pp. to 4.6% growth in 2024. Meanwhile, the Euro Area has been revised down 0.3 pp. to 0.9% in 2024, increasing to 1.7% in 2025.

Note Poland, one of the EU’s largest economies at 2.8% in 2024; compared to Germany (0.5%), Italy (0.7%) and France (1.0%).

Projections only provided for selected economies, with those covered accounting for approx. 83% of world output.

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