…SKN to see stable growth
NEW YORK - AS the Annual Meeting of the World Bank Group and the International Monetary Fund got underway, a stable picture is being predicted for the World Economic Outlook for the global economy over the remainder of this year and 2024.
According to the IMF, global growth saw a slight dip this year when compared with the 3.5 percent recorded last year.
In a media statement, the IMF said: “The baseline forecast is for global growth to slow from 3.5 percent in 2022 to 3.0 percent in 2023 and 2.9 percent in 2024, well below the historical (2000–19) average of 3.8 percent. Advanced economies are expected to slow from 2.6 percent in 2022 to 1.5 percent in 2023 and 1.4 percent in 2024 as policy tightening starts to bite.”
In relation to emerging markets and developing economies, it has been projected to see a modest decline in growth from 4.1 percent in 2022 to 4.0 percent in both 2023 and 2024.
Since the pandemic, the world had to deal with the rising inflation which is styming economic growth, and the IMF noted that global inflation is forecast to decline steadily “from 8.7 percent in 2022 to 6.9 percent in 2023 and 5.8 percent in 2024, due to tighter monetary policy aided by lower international commodity prices. Core inflation is generally projected to decline more gradually, and inflation is not expected to return to target until 2025 in most cases”.
In a discussion with Freedom FM yesterday (Oct. 12), Prime Minister Dr. Terrance Drew was optimistic that the Federation would see economic growth for this year despite the current global challenges, including Climate Challenges and the two ongoing wars that would have repercussions across the world.
