IMF’s economic view: Brighter outlook for China and India but tepid global growth
WASHINGTON — The International Monetary Fund is upgrading its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan. But it says worldwide progress against accelerating prices has been slowed by stickier-than-expected inflation for services, from airline travel to restaurant meals.
Partly because of a surge in Chinese exports at the start of 2024, the IMF upgraded its growth forecast for China this year to 5% from the 4.6% it had projected in April, though down from 5.2% in 2023. The IMF forecast was posted before Beijing reported Monday that the Chinese economy, the world’s second-largest after the United States, had grown at a slower-than-expected 4.7% annual rate from April through June, down from 5.3% in the first three months of the year.
The IMF said that the “shoots of recovery materialized in Europe,” which had been battered by high energy prices and other economic damage from Russia’s 2022 invasion of Ukraine. Citing a rise in Europe’s services businesses, IMF raised its 2024 growth forecast for the 20 countries that share the euro currency by a tenth of a percentage point from its April forecast, to 0.9%. In 2023, the eurozone grew 0.5%.
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