Citing a “surprisingly resilient” economy, the International Monetary Fund on Tuesday upgraded its global growth forecast, now saying it will reach 3.2% in 2024—up just 0.1 percentage point from the Fund’s January prediction.
This aligns with 2023’s growth forecast, as well as IMF’s 2025 conjecture. Following multiple economic crises, the global economy could achieve a “soft landing, said Chief Economist Pierre-Olivier Gourinchas.
“Despite gloomy predictions, the global economy remains remarkably resilient, with steady growth and inflation slowing almost as quickly as it rose,” he wrote in a blog post.
Advanced economies will head up the growth, with the euro zone indicating signs of recovery and America also surpassing its pandemic trend. However, China could be a wrench in the prediction, as its economy is still weak due to the sluggish proper market. Other noted risks included geopolitical concerns driving price spikes, trade tensions and continuing high interest rates.