IMF Director of the Research Department Pierre-Olivier Gourinchas

IMF lifts 2024 global growth outlook

The IMF said that the world’s economy is expected to grow by 3.1 percent in 2024, which is a bit better than what they thought before. This is because things are getting a little better in the US and China, and prices are not going up as fast as they thought they would.

The chief economist of the IMF, Pierre-Olivier Gourinchas, explained that things are looking up for the economy, but we’re not out of the woods yet. He said there are still some problems, like fights between countries and attacks on ships that could make things difficult.

However, there are some good signs. People are spending more money, both from their own pockets and from the government, even though it’s still a bit hard to borrow money. Also, more people are working, and things like oil and other stuff we use every day are cheaper.

The IMF thinks that in 2024, the world’s economy will grow by 3.1 percent, a little better than what they thought before. They think it will stay about the same in 2025. But trade between countries might not grow as fast as it used to because more rules are getting in the way.

They still think prices will increase by about 5.8 percent this year, but they expect it to be a bit less next year. In rich countries, prices should go up by about 2.6 percent, a bit less than they thought before. But in countries that are still getting richer, prices might go up by about 8.1 percent this year and a bit less next year.

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