The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the 'remarkable strength' of the U.S. economy.
An evening view of the financial Central district and Victoria Harbour in Hong Kong, China, May 9, 2023. REUTERS/Tyrone SiuInflation dropping but 'not quite there yet'-IMF chief economistMARRAKECH, Morocco, Oct 10 - The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro area and said overall global growth remained low and uneven despite what it called the "remarkable strength" of the U.S. economy.
A fresh unexpected risk emerged in the form of the Israel-Palestinian conflict just as finance officials from 190 countries gathered in Marrakech for the annual meetings of the International Monetary Fund and World Bank, but came after the IMF's quarterly outlook update was locked down on Sept. 26.
"You have uncertainty. You have geoeconomic fragmentation, low productivity growth, and low demographics. You put all these things together and you have a slowdown in medium-term growth," he told Reuters.Inflation continued to decline around the globe due to a fall in energy prices and to a lesser extent food prices. It is expected to drop to an annual average of 6.9% in 2023, from 8.7% in 2022, and to 5.8% in 2024.
"We're not seeing strong signs of an out-of-control sequence of wages chasing prices and prices chasing wages," he said.
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