AIRLINK 180.43 Decreased By ▼ -0.43 (-0.24%)
BOP 11.72 Increased By ▲ 0.05 (0.43%)
CNERGY 7.48 Decreased By ▼ -0.02 (-0.27%)
FCCL 45.65 Decreased By ▼ -0.42 (-0.91%)
FFL 16.11 Decreased By ▼ -0.15 (-0.92%)
FLYNG 27.60 Increased By ▲ 0.36 (1.32%)
HUBC 133.85 Increased By ▲ 1.78 (1.35%)
HUMNL 13.07 Increased By ▲ 0.05 (0.38%)
KEL 4.57 No Change ▼ 0.00 (0%)
KOSM 6.16 Increased By ▲ 0.06 (0.98%)
MLCF 59.01 Decreased By ▼ -0.16 (-0.27%)
OGDC 224.99 Increased By ▲ 3.61 (1.63%)
PACE 5.87 No Change ▼ 0.00 (0%)
PAEL 45.26 Decreased By ▼ -0.28 (-0.61%)
PIAHCLA 17.73 Decreased By ▼ -0.23 (-1.28%)
PIBTL 10.40 Increased By ▲ 0.22 (2.16%)
POWER 11.80 Decreased By ▼ -0.05 (-0.42%)
PPL 188.35 Increased By ▲ 4.26 (2.31%)
PRL 36.45 Decreased By ▼ -0.09 (-0.25%)
PTC 25.10 Increased By ▲ 0.14 (0.56%)
SEARL 100.25 Decreased By ▼ -0.98 (-0.97%)
SILK 1.16 Decreased By ▼ -0.01 (-0.85%)
SSGC 37.25 Decreased By ▼ -0.01 (-0.03%)
SYM 15.65 Increased By ▲ 0.45 (2.96%)
TELE 7.90 Increased By ▲ 0.10 (1.28%)
TPLP 10.70 Increased By ▲ 0.06 (0.56%)
TRG 63.80 Increased By ▲ 3.24 (5.35%)
WAVESAPP 10.86 Increased By ▲ 0.04 (0.37%)
WTL 1.31 Decreased By ▼ -0.01 (-0.76%)
YOUW 3.80 Increased By ▲ 0.09 (2.43%)
BR100 12,447 Increased By 114.9 (0.93%)
BR30 38,279 Increased By 506.8 (1.34%)
KSE100 116,655 Increased By 455 (0.39%)
KSE30 36,025 Increased By 118.8 (0.33%)

WASHINGTON: Global economic growth will remain “resilient” this year after a stronger-than-expected 2023, the International Monetary Fund said on Thursday, but work is needed to boost global growth rates above an anemic 3% range in the medium term.

IMF spokesperson Julie Kozack told a news briefing that the global economy appeared headed for a “soft landing” with inflation subsiding and labor markets resilient, but low-income countries could still fall further behind.

The IMF will present its updated World Economic Outlook (WEO) in South Africa on Jan. 30.

The World Bank on Tuesday issued a gloomy 2024 outlook, forecasting that global GDP growth would slow for the third year in a row to 2.4%, which will leave poverty reduction goals at risk.

Kozack said dire predictions of recessions in many regions that were prevalent a year ago did not materialize in 2023, “So we’ve had a relatively resilient global economy so far. We expect that resilience to continue into 2024,” Kozack said, noting that inflation was coming down.

But the news is “not all good” because recent and near-term growth of about 3% is lower than previous, pre-COVID global average growth rates of around 3.8%.

“So we do have work to do to lift global growth, especially over the medium term,” Kozack said, adding that the situation pointed to the need for sound policies and reforms that could raise productivity.

Asked if the economic resilience in 2024 would spread beyond the United States, Kozack said there is a divergence of fortunes among countries and regions, with a risk that low-income countries could fall further behind.

“They (low-income countries) are having the hardest time recovering from a series of shocks, including the pandemic, the food and oil price shocks,” she said, adding that IMF work in 2024 will have a strong focus on helping its most vulnerable member countries.

Comments

Comments are closed.