IMF downgrades outlook, forecasts slow global economic growth in 2023

The IMF predicted that global economic growth will slow to 2.8% this year, compared to 3.4% growth in 2022.

"We are therefore entering a tricky phase during which economic growth remains lackluster by historical standards, financial risks have risen, yet inflation has not yet decisively turned the corner," IMF chief economist Pierre-Olivier Gourinchas wrote. The forecast is a slightly more pessimistic view than the IMF took in January, when the group forecast growth of 2.9%.

But the IMF sees growth rebounding further in 2024, when the latest forecast predicts global gross domestic product growth of 3%. The latest forecast also takes a gloomier outlook on Germany's economy, predicting a slight recession during the current year with economic output falling by 0.1%. That, too, is a slight downgrade from the IMF's January forecast.Several economic institutes in Germany have recently taken a more confident view toward German economic growth in 2023, with forecasts earlier this month predicting GDP to rise by 0.3%.

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