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The latest estimates from the International Monetary Fund (IMF) indicate that globally, economic growth is expected to slow to the end of 2024. Representing a slightly more optimistic view than that offered in April – plus 0.2 points for 2023 – the IMF expects global real GDP to grow by 3.0 percent in both 2023 and 2024 after an estimated increase of 3.5 percent in 2022.
Looking at the picture regionally, the highest growth rates are forecast for emerging and developing Asia, where output is expected to go up by 5.3 percent and 5.0 percent in 2023 and 2024, respectively. The United States, on the other hand, is projected to see declining growth over this period, going from 2.1 percent in 2022 to just 1.0 percent in 2024 – a pattern mirrored in advanced economies generally, where the rate is expected to go from 2.7 percent in 2022, down to 1.4 percent in 2024.
Contributing to this slowing growth is Germany, where a decline in GDP of 0.3 percent is forecast for 2023. According to the IMF, this contraction is due to “weakness in manufacturing output and economic contraction in the first quarter of 2023”.
This chart shows real GDP year-over-year growth estimates/projections, by region from 2022 to 2024.
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