After three previous downward revisions, the International Monetary Fund raised its outlook for the 2023 global economy, saying that US spending and China reopening its borders will overcome inflation and Russia’s invasion of Ukraine to increase output by 2.9% in 2023, Bloomberg reports.
Though a decrease from the fast 2022 post-pandemic recovery which led to a 3.4% expansion in 2022, IMF projections point to a 3.1% growth in 2024, meaning 2023 will show a slight dip. The revision increases the global forecast by 0.2% from the IMF’s October prediction.