The Strategist

IMF keeps GDP growth estimate for the global economy at 3.2% in 2024



07/17/2024 - 09:24



The International Monetary Fund (IMF) maintained its 3.2% growth estimate for the global economy in 2024 and maintained its April prediction.



Focal Foto via flickr
Focal Foto via flickr
The fund revised its forecast in April, increasing them to the current range for the global economy from 3.1%.

The predicted 3.3% annual growth rate for the world economy has been raised by 0.1 percentage points. - Up to 3.3%.

The prediction for global inflation in 2024 was held at 5.9%, but it was reduced by 0.1 percentage points to 4.4% in 2025. The Fund increased its estimates of inflation in advanced economies in 2024 from 2.6% to 2.7% and in 2025 from 2% to 2.1%. The prediction for developing and emerging markets was cut, first by 0.2 percentage points in 2025 to 6%, and then by 0.1 percentage points, to 8.2%, this year.
The projected growth in global trade volume for 2024–2025 has been increased by 0.1 percentage points, to 3.1% and 3.4%, respectively.

The IMF projects that the average price of oil would rise by 0.8% in 2024 to $81.26/b (prior estimate: $78.61/b), up from the 2.5% fall that was previously predicted, then decline by 6% to $76.38/b (previous estimate: $73.68/b) in 2025.

The Fund increased the growth estimate for the economies of emerging and developing nations to 4.3% annually in 2024–2025 by 0.1 percentage points. The forecast for developed economies' growth stayed the same, coming in at 1.7% this year and 1.8% the following.

source: imf.org