WASHINGTON, April 16 - The global economy is set for another year of slow but steady growth, the International Monetary Fund said on Tuesday, with U.S. strength pushing world output through headwinds from lingering high inflation, weak demand in China and Europe, and spillovers from two regional wars.
Many countries also are showing less"scarring" from the COVID-19 pandemic and cost-of-living crises, returning to pre-pandemic levels of output more quickly than previously predicted, the IMF said in its report. Georgia's parliament started its first reading on a controversial 'foreign agents' bill on Tuesday. As opponents called for a second day of protests against a measure they see as Russian-inspired.
Such a situation could also intensify deflationary pressures in China's economy, leading to a surge in cheap exports of manufactured goods that could stoke trade retaliation by other countries - a scenario that U.S. Treasury Secretary Janet Yellen warned about during a trip to China earlier this month.
It noted that Group of 20 large emerging market countries are now playing a bigger role in the global trading system and have the capability to shoulder more of the growth burden going forward.
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