The International Monetary Fund also estimates that global inflation will continue to ease.
IMF chief economist Pierre-Olivier Gourinchas said the US is “very close” to achieving a soft landing – a rare feat in monetary policy.
“In our baseline analysis, in advanced economies will be back at central bank targets in 2025,” he continued, adding that it would take “a little bit longer” for emerging markets. The world’s largest economy is now expected to grow by 2.8 per cent in 2024, down ever-so-slightly from the 2.9 per cent seen in 2023 but still a shade better than the Fund’s previous estimate in July.
In Europe, growth is still trending higher but remains low by historical standards and is on track to be at an anaemic 0.8 per cent in 2024, rising slightly to 1.2 per cent in 2025.
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