The International Monetary Fund (IMF) has forecasted that the global economy will grow at nearly the same pace next year as it did this year, while revising the growth forecast for the U.S. upward from its projection three months ago.
In its "World Economic Outlook" (WEO) report, released on the 22nd local time, the IMF maintained its projection for global economic growth this year at 3.2%, unchanged from its July forecast. However, it predicted a slight dip in growth next year to 3.2%, 0.1 percentage points lower than the July estimate.
For the U.S., the IMF raised its growth forecast for this year to 2.8%, an upward revision of 0.2 percentage points from the July projection. However, growth for next year is expected to decline to 2.2%, due to factors such as reduced fiscal stimulus and a cooling labor market leading to slower consumer spending. Nevertheless, this is still 0.3 percentage points higher than the July estimate.
In the Eurozone, growth is forecasted at 0.8% for this year and 1.2% for next year, marking downward revisions of 0.1 and 0.3 percentage points, respectively, from the July estimates. The projected higher growth next year is attributed to factors such as increased domestic demand, rising real wages boosting consumption, and eased monetary tightening spurring investment.
Japan's growth forecast for this year was revised down to 0.3%, marking a decrease of 0.4 percentage points from July and 0.6 percentage points from April.
As for South Korea, the IMF expects the economy to grow by 2.5% this year and 2.2% next year, unchanged from its July forecasts.
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