Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.
The International Monetary Fund on Tuesday kept its forecasts for limp economic growth this year and next largely unchanged.
The IMF forecast global growth of 3% for 2023 and 2.9% growth next year, a downward cut for 2024 of one-tenth. Global GDP growth was 3.5% in 2022.It upgraded its stance on U.S. growth, by three-tenths this year and a half point next year, to 2.1% growth in 2023 and 1.5% growth in 2024. But the IMF cut estimates sharply for Saudi Arabia, which is trimming oil production, and also reduced growth estimates for Canada, Italy and a host of other countries.
The IMF cited three global forces at play: the recovery in services from the pandemic is almost complete; tighter monetary policy to bring down inflation is starting to bite; and inflation and activity have been shaped by last year’s commodity price shock.
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