According to a report published by the International Monetary Fund, global economic growth will be significantly slower in 2023 and 2024 than the average annual rate of the past two decades.
The IMF forecasts global gross domestic product growth to be 3% in 2023 and 2.9% in 2024, down from the 3.8% average from 2000 to 2019.
Meanwhile, inflation is expected to moderate this year and next due to tighter monetary policies in many countries around the world, but will remain elevated. Overall, global economic growth will be slow and uneven as it continues to recover from the pandemic, Russia's invasion of Ukraine and rising global commodity prices.
All this indicates that uncertainty will remain in the coming years. Despite positive signs in some countries and sectors, ongoing military conflicts and disruptions in logistics could shake the fragile recovery of many countries. IMF forecasts also signal that countries are likely to continue their current economic policies in an effort to restore their economies to pre-pandemic conditions. /BGNES
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