Close Menu
IBOM BLOGIBOM BLOG
  • Home
  • Ibomblog TV
  • #TALKBETA
  • News
    • Politics
    • Health
    • Education
    • Entertainment
    • Sports
  • Gospel Music
  • Naija Music
Facebook X (Twitter) Instagram YouTube
Thursday, June 26
Facebook X (Twitter) Instagram YouTube
IBOM BLOGIBOM BLOG
Subscribe TO OUR YOUTUBE CHANNEL
  • Home
  • News
  • Ibomblog TV
  • Entertainment
  • #TALKBETA
  • Sports
  • Naija Music
  • Gospel Music
IBOM BLOGIBOM BLOG
Home»News»Global economic growth to drop to 3.0% in 2023-24 – IMF
News

Global economic growth to drop to 3.0% in 2023-24 – IMF

IBM AUTHORBy IBM AUTHORJuly 29, 2023No Comments4 Mins Read
Share Facebook Twitter Pinterest Copy Link LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

The International Monetary Fund (IMF) says global growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday.

The report said though the forecast for 2023 was modestly higher than predicted in the April 2023 WEO, it remained weak by historical standards.

“Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage points for 2023, with no change for 2024.

“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 per cent.

“It is also below the historical average across broad income groups, in overall Gross Domestic Product (GDP) as well as per capita GDP terms. ”

The report said advanced economies continued to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity.

“For advanced economies, the growth slowdown projected for 2023 remained significant, from 2.7 per cent in 2022 to 1.5 per cent in 2023.

“About 93 per cent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 per cent.”

While the report said in emerging markets and developing economies, the growth outlook was broadly stable for 2023 and 2024, although with notable shifts across regions.

“For emerging market and developing economies, growth is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024, with modest revisions of 0.1 percentage point for 2023 and –0.1 percentage point for 2024.”

The report showed growth in Sub-Saharan Africa is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.

It revealed that economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April WEO projections, reflecting security issues in the oil sector.

The report showed that economic growth in Nigeria is projected at 3.2 per cent in 2023 and decline to 3.0 in 2024.

The report said Global headline inflation was expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024.

“Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward. ”

It said inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

The report said financial sector turbulence could resume as markets adjust to further policy tightening by central banks.

“China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.

“Sovereign debt distress could spread to a wider group of economies.”

It, however, said on the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.

The report said in most economies, the policy priorities remained to achieve sustained disinflation while ensuring financial stability.

“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.

“Should market strains materialise, countries should provide liquidity promptly while mitigating the possibility of moral hazard.

“They should also build fiscal buffers, with the composition of fiscal
adjustment ensuring targeted support for the most vulnerable.

The report said improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.

Global economic growth IMF
Follow on Google News Follow on Flipboard
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
IBM AUTHOR
  • Website

Related Posts

4 Mins Read

National Assembly Hails FIRS for Surpassing 2024 Revenue Target, Sets Ambitious N25 Trillion Goal for 2025

January 16, 2025
5 Mins Read

Sir Keir Starmer to Sign Milestone 100-Year Partnership with Ukraine During Kyiv Visit

January 16, 2025
11 Mins Read

Nigerian Leaders Honor Fallen Heroes on 2025 Armed Forces Remembrance Day

January 16, 2025
2 Mins Read

Tinubu: Nigeria’s Economic Reforms Have Started Yielding Positive Results

January 16, 2025
1 Min Read

Reps’ Deputy Chief Whip Adewunmi Onanuga is dead

January 16, 2025
2 Mins Read

Foreign remittances hit $1.3bn in February 2024 — CBN

March 8, 2024

Leave A Reply Cancel Reply

TRENDING VIDEOS
EDUCATION
Education

JAMB begins sale of DE documents

By IBM AUTHORFebruary 28, 202402 Mins Read

The Joint Admissions and Matriculation Board (JAMB) says it has commenced the sales of 2024…

Education remains top priority of our policy thrust in Rivers – Gov Fubara

February 26, 2024

UNILORIN expels 14 students over examination malpractices

February 22, 2024

Polaris Bank, Evolve Charity extend educational support to Schools in Imo

November 21, 2023
Search
FOLLOW US ON
  • Facebook
  • Twitter
  • Instagram
  • YouTube
  • WhatsApp
  • Telegram
Metro NEWS
Metro

Father dies rescuing son from well in Kwara

By IBOMBLOGFebruary 23, 202402 Mins Read
Metro

Again, Army Uncovers 40 Illegal Oil Wells in Rivers Community

By IBM AUTHORFebruary 29, 202404 Mins Read
Metro

Economic hardship: Diri mulls reduced working hours for State workers

By IBM AUTHORFebruary 28, 202403 Mins Read
Metro

Court remands two over alleged murder of commercial sex worker

By IBOMBLOGFebruary 22, 202401 Min Read
Metro

Commotion in community over search for widow

By IBM AUTHORNovember 20, 202302 Mins Read
RECENT NEWS

OgaMajesty – LAVIDA (Remix) ft. Challex D Boss Mp3 DOWNLOAD

May 27, 2025

OgaMajesty – LAVIDA MP3 DOWNLOAD

May 27, 2025

Cracking the Code: A Beginner’s Guide to WordPress Database Debugging

May 27, 2025

National Assembly Hails FIRS for Surpassing 2024 Revenue Target, Sets Ambitious N25 Trillion Goal for 2025

January 16, 2025
HEALTH

Nigeria to receive first vaccine for meningitis in the world

March 8, 2024

FG unveils National HIV/AIDS strategic plan

December 1, 2023

NAFDAC approves vaccine for Cancer immunization

October 19, 2023

68 Nigerian exports products rejected in Europe — NAFDAC DG

October 18, 2023
POLITICS

‘I’m not decamping to APC’ – Ortom

February 27, 2024

winner of EDO APC primaries Senator Monday Okpebholo declared

February 23, 2024

Edo APC passes vote of confidence on Acting Chairman

February 23, 2024

Economic Crisis- Hold Your Governors And Council Chairmen Accountable

February 22, 2024
ENTERTAINMENT

Bollywood Star Saif Ali Khan Hospitalised After Violent Home Intrusion

January 16, 2025

I lost over 200,000 followers for supporting Tinubu – Seyi Law

February 28, 2024

Burna Boy legendary – Joeboy

February 27, 2024

I recieve death threats for my social media comments – Daniel Regha

February 26, 2024
Facebook X (Twitter) Instagram YouTube WhatsApp
  • Contact Us
  • About Us
  • Advertise with us
© 2025 Ibomblog Media

Type above and press Enter to search. Press Esc to cancel.