The International Monetary Fund says global economic growth has been low in 2023, adding that the economic slowdown is concentrated in the European areas and the United Kingdom.
The body noted that global economic growth would bottom out at 2.8 per cent in 2023 before rising modestly to 3.0 per cent in 2024.
This is according to the IMF’s latest World Economic Outlook Update Report for April 2023: “A Rocky Recovery”, released on Tuesday at the World Bank Group/IMF 2023 Spring Meetings.
The report said the baseline forecast was for growth to fall from 3.4 per cent in 2022 to 2.8 per cent in 2023, before settling at 3 per cent in 2024.
It said advanced economies were expected to see pronounced growth slowdown, from 2.7 per cent in 2022 to 1.3 per cent in 2023.
“This year’s economic slowdown is concentrated in advanced economies, especially the euro area and the United Kingdom.
“Growth is expected to fall to 0.8 per cent and -0.3 per cent this year…
