The world economy is “entering a perilous phase”, with global inflation set fall more slowly than expected a few months ago, the International Monetary Fund has warned.
The IMF made a modest downgrade to its forecasts for global growth this year, predicting that growth will bottom out at 2.8 per cent this year before rising to 3 per cent in 2024. These growth rates are just 0.1 percentage points lower than projections made by the organisation in January.
Although the slowdown is especially pronounced in advanced economies, the IMF expects the real gross domestic product of the Irish economy to expand 5.6 per cent this year, followed by 4 per cent growth next year. “A fragmented world is unlikely to achieve progress for all or to allow us to tackle global challenges such as climate change or pandemic preparedness. We must avoid that path at all costs.”
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