The anticipated increase is attributed to several factors including higher growth prospects in emerging markets compared to developed markets and the potential for US Federal Reserve rate cuts later in the year.
Asia is on track to again deliver two-thirds of global growth in 2024, as it did in 2023, said Krishna Srinivasan, Director of the IMF's Asia and Pacific Department. At a press conference on the Regional Economic Outlook, the IMF official said the news on the inflation front has also been
The International Monetary Fund (IMF) on Tuesday lowered Pakistan's economic growth forecast to two per cent for the current fiscal year, down 0.5 percentage points from its October estimate of 2.5 per cent, Dawn newspaper reported.
Simultaneously, the Nifty took a hit of 243.30 points, kicking off at 21,786.00. Market sentiments were strongly bearish, reflecting concerns about the economic outlook.
The industry body's analysis was based on key macroeconomic indicators, including GDP growth, export growth, gross national savings, total investments, and the debt-to-GDP ratio.
The overarching theme suggests a shift towards a soft landing rather than a recession, supported by falling US inflation and prospects for a more accommodative Federal Reserve policy.
According to Fitch Ratings, the report highlights the resilience of global growth in 2023, driven by the normalization of consumption in China and a resurgence in US growth.
According to Fitch's Global Economic Outlook (GEO), a scenario with average oil prices of USD 75 per barrel in 2024 and USD 70 per barrel in 2025 could be upended if oil prices spike to USD 120 per barrel in 2024 and USD 100 per barrel in 2025 due to supply restrictions.
According to the IMF report, this forecast, disclosed in the latest World Economic Outlook, reflects one of the lowest growth rates in decades. The global economy continues to grapple with multiple shocks and the rising cost of living.
The Indian economy is projected to grow by 6.3 per cent in FY24 with a minimum and maximum growth estimate of 6.0 per cent and 6.6 per cent respectively, according to the latest Economic Outlook Survey released by the Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday.