Global growth outlook more optimistic for 2023
The International Monetary Fund says global growth will drop from 3.4% last year to 2.9% in 2023. That’s up from a forecast of 2.7% in October.
IMF chief economist Pierre-Olivier Gourinchas said recession risks had subsided and central banks are making progress in controlling inflation, but more work was needed to curb prices and new disruptions could come from further escalation of the war in Ukraine and China's battle against COVID-19.
The IMF says China and India will provide the biggest boost for world-wide growth.
In the United States, growth is expected to slow from 2% in 2022 to 1.4% in 2023.
Notably, the IMF is not predicting a U.S. or global recession. The agency's outlook for the U.S. is also more optimistic compared to forecasts by U.S. economists.
As for the U.S. economy House Speaker Kevin McCarthy is scheduled to meet with President Joe Biden on Wednesday to address the U.S. reaching its 31.4 trillion dollar debt limit.
