IMF continues to lower its forecast for global growth

The IMF forecasts that inflation worldwide will return to near pre-pandemic levels by the end of 2024, after returning to 5.7% by the end of 2023.

Because of inflation and hostilities in Ukraine, the IMF lowered its forecast for global growth this year to 3.2%.

This is the 3rd lowering of the IMF’s growth forecast since October 2021.

At that time, the IMF expected global GDP this year to increase by 4.9%.

But then this rate was repeatedly lowered, to 4.4% in January and 3.6% in April.

The IMF also reduced its growth outlook for next year, expected to be just 2.9%, lower than the 3.6% level set in April.

The IMF warns the actual results could be worse because of the range of risks present.