IMF raises growth forecasts as China reopens and gas prices fall

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Global growth has proven “surprisingly resilient” and most countries will avoid a recession this year, the IMF said, as it upgraded its forecasts and hailed a possible turning point for the world economy.

In estimates that took into account China’s decision to scrap its zero-Covid policy last month, the fund said it expected the global economy to grow 3.2 per cent between the end of the final quarter of 2022 and the end of the last quarter of this year.

That would mark a significant improvement on 2022, when the IMF estimates the global economy grew 1.9 per cent. The 3.2 per cent projected growth is also 0.5 percentage points higher than the IMF’s last forecast, in October.

Pierre-Olivier Gourinchas, IMF chief economist, said 2023 “could well represent a turning point”, with economic conditions improving in subsequent years.




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