Global growth forecast for this year raised by 0.2 percentage points from the IMF's last forecast in April, putting the world economy on track for 3% growth in both 2023 and 2024
In World Economic Outlook report, it is now forecasting global real GDP growth at 2.8% for 2023 and 3.0% for 2024, marking a sharp slowdown from 3.4% growth in 2022 due to tighter monetary policy
This is among the weakest rates seen in nearly three decades, overshadowed only by the pandemic-induced recession of 2020 and global financial crisis in 2009