IMF predicts soft landing for global economy in 2024

Maryam Abeeb

The International Monetary Fund (IMF) has forecasted a soft landing for the global economy, anticipating continued resilience in 2024.
Julie Kozack, the spokesperson for the IMF, shared this insight during a press briefing preceding an imminent update to the fund’s economic forecasts.
“The global economy is poised for a soft landing. Last year proved to be more resilient than we expected,” she stated, emphasizing the anticipation of this resilience persisting into 2024.
“Our general outlook suggests a soft landing for the global economy,” Kozack affirmed.
She further predicted that global inflation would continue to subside without triggering a detrimental recession.
In October, the IMF projected global growth to reach 3.0 percent in 2023, a slight improvement from earlier forecasts, before easing slightly to 2.9 percent in 2024.
“The IMF’s growth projections are modest compared to historical standards, highlighting the challenges faced by the global economy in its ongoing recovery from the Covid-19 pandemic, which inflicted economic damage on many countries worldwide.
“One of the challenges confronting the fund is the uneven pace of recovery from the pandemic,” she noted. “Low-income countries, in particular, are at risk of falling further behind.”
“They are struggling the most to recover from a series of shocks, including the pandemic, and the food and oil price shock,” Kozack added, underscoring the IMF’s commitment to assisting the most vulnerable members of our global community.