Monday, May 22 2023

Global economic conditions remain volatile. In its World Economic Outlook (WEO) released in April 2023, the IMF projected global growth to decline to 2.8 per cent in 2023; a downward revision by 10 basis points from its January 2023 projection from 3.4 per cent in 2022, before settling at 3.0 per cent during 2024-28.1

For the recently concluded spring meetings of the World Bank and the IMF, the global GDP growth is expected to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023 and recover only marginally to 3.0 per cent in 2024. Advanced economies are expected to experience a more pronounced growth slowdown, from 2.7 per cent in 2022 to 1.3 per cent in 2023.

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