IMF upgrades global growth forecast as economy proves ‘surprisingly resilient’ despite downside risks

The International Monetary Fund on Tuesday slightly raised its global growth forecast, saying the economy had proven “surprisingly resilient” despite inflationary pressures and monetary policy shifts.

The IMF now expects global growth of 3.2% in 2024, up by a modest 0.1 percentage point from its earlier January forecast, and in line with the growth projection for 2023. Growth is then expected to expand at the same pace of 3.2% in 2025.

The IMF’s chief economist, Pierre-Olivier Gourinchas, said the findings suggest that the global economy is heading for a “soft landing,” following a string of economic crises, and that the risks to the outlook were now broadly balanced.

“Despite gloomy predictions, the global economy remains remarkably resilient, with steady growth and inflation slowing almost as quickly as it rose,” he said in a blog post.