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The International Monetary Fund (IMF) has released its World Economic Outlook for 2024, projecting a world economic growth rate of 3.2%. This forecast is an upgrade from the IMF’s previous outlook due to the positive economic performance of several countries, including the United States and India.
Despite the positive short-term outlook, the IMF’s five-year growth forecast is lower than expected due to concerns about weak productivity growth and geopolitical fragmentation. In particular, China’s economic growth is projected to decline this year, while much of Europe is expected to recover gradually compared to the United States.
The IMF has also noted that the likelihood of a global recession in 2024 remains low at just 10%. However, there are concerns about long-term economic growth trends and how geopolitical conflicts could impact the global economy.
The United States is expected to experience strong rebound in economic growth with a projected rate of 2.7% for this year, while India’s growth prospects have been upgraded to 6.8%. Despite this, China’s growth rate is projected to decline from last year’s 5.2% to 4.6%.
Overall, the IMF’s World Economic Outlook for 2024 highlights both positive and negative aspects of the global economy, with promising prospects for some countries but concerns about long-term trends and geopolitical events that could impact overall global economic stability.