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.