IMF Forecast April 2024

The International Monetary Fund (IMF) released its latest World Economic Outlook for April 2024, confirming global growth of 3.2 per cent for 2023 and forecasting the same pace of growth for 2024 and 2025.

Global inflation is expected to decline from 6.8 per cent in 2023 to 5.9 per cent in 2024 and further to 4.5 per cent in 2025.

The IMF increased the 2024 GDP forecast for the United States by 0.6 percentage points, from 2.1 per cent to 2.7 per cent. Growth forecasts for 2024 among other advanced economies have been revised as follows: Spain (from 1.5 to 1.9 per cent), Canada (from 1.4 to 1.2 per cent), France (from 1 to 0.7 per cent), United Kingdom (from 0.6 to 0.5 per cent), and Germany (from 0.5 to 0.2 per cent). While Japan confirmed its previous estimate (0.9 per cent) and Italy maintained its forecast at 0.7 per cent.

The forecast for 2024 also includes revisions among a few large emerging markets. The IMF confirms China’s growth outlook for 2024 at 4.6 per cent. India saw its GDP growth revised upward by an additional 0.2 percentage points from the previous outlook to 6.8 per cent. For the five largest ASEAN economies, growth in 2024 is expected as follows: Vietnam (5.8 per cent), Indonesia (5 per cent), Malaysia (4.4 per cent), Thailand (2.7 per cent), and Singapore (2.1 per cent).