FILE - People pose for a photograph next to an International Monetary Fund banner, during the World Bank/IMF spring meetings at IMF headquarters in Washington, April 11, 2023. The International Monetary Fund has upgraded its outlook for the global economy in 2024, saying the world appears headed for a “soft landing” — reining in inflation without much economic pain and producing steady if modest growth.
The Federal Reserve, the Bank of Japan, the European Central Bank and the Bank of England have all sharply raised rates with the aim of slowing inflation to around 2%. In the United States, year-over-year inflation has plummeted. Still, U.S. inflation remains persistently above the Fed’s target level, which will likely delay any rate cuts by the U.S. central bank.
The IMF warns that the economic expansion could be thrown off by the continuing adverse effects of higher rates and by geopolitical tensions, including the war in Gaza, that risk disrupting trade and raising energy and other prices., depressed consumer and business confidence and rising trade tensions with other major nations. The IMF expects the Chinese economy, which once regularly generated double-digit annual growth, to slow from 5.2% in 2023 to 4.6% in 2024 to 4.1% next year.
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