IMF sees slow, steady 2024 global growth; China, inflation pose risks

The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with U.S. strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars.

“We find that the global economy remains quite resilient,” Pierre-Olivier Gourinchas, the IMF’s chief economist, told reporters, adding that many countries have defied gloomy predictions of recession as central banks hiked interest rates to fight inflation.

Inflation is falling, but progress in bringing it back to central bank targets has slowed in recent months, Gourinchas said, noting that recent U.S. data shows robust demand.

“The general trajectory still remains one where we expect inflation to come down over the year and put the Federal Reserve in a position where it will be able to start easing the policy rates,” he told Reuters. “Maybe not as quickly as what the markets had expected.”

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