The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023. However, the global lender also warned about the persistent challenges which are dampening the medium-term outlook. Meanwhile, India’s projection of economic growth is at 6.1 per cent in this year.&nbsp;

<h2>IMF about the growth forecast</h2>

In its latest, World Economic Outlook (WEO), the IMF projected global real GDP growth of 3.0 per cent for this year, which is 0.2 percentage points higher than its April forecast. But the global growth is expected to stay there and the forecast for 2024 remained unchanged at 3.0 per cent, amid weak growth among the world’s advanced economies.&nbsp;

The growth forecast was slightly raised as the IMF noted ease in soaring inflation as well as the acute stress that the banking sector witnessed. “We’re not out of the woods yet and growth remains on the low side,” IMF Chief Economist Pierre-Olivier Gourinchas told AFP, in an interview.&nbsp;

“What we are seeing when we look five years out is actually close to 3.0%, maybe a little bit above 3.0%. This is a significant slowdown compared to what we had pre-COVID,” the IMF chief economist told Reuters.&nbsp;

The global economic growth is nearly half of what it was in two years with 6.3 per cent and also lower than 3.5 per cent in 2022, the WEO noted. Gourinchas told Reuters how the lowered growth is also related to the ageing of the global population, particularly in countries like China, Japan, and Germany.

<h2>Lower inflation</h2>

According to the IMF, the global headline inflation may fall to 6.8 per cent this year, from 8.7 per cent in 2022 and may witness a further drop to 5.2 per cent next year. On the other hand, core inflation would decline more gradually, with 6.0 per cent in 2023 from 6.5 per cent, last year to 4.7 per cent in 2024.&nbsp;

Gourinchas told Reuters we might have to wait until the end of 2024 or early 2025 to see the drop in inflation which the central bankers have targeted and the current cycle of monetary tightening would end.

However, the IMF notes that if the war in Ukraine were to intensify, given Russia’s backing out of the Black Sea grain deal, and the world witnesses a rise in extreme weather events due to the El Nino weather pattern, it could raise the prices of commodities. This in turn could trigger further rate hikes.

The IMF has said the world is a better place than it was and also hailed the World Health Organization’s decision to end the global health emergency due to COVID-19, which has reduced shipping costs and delivery times to pre-pandemic levels.&nbsp;

<h2>‘Broadly stable’ outlook for EMDEs</h2>

In the emerging markets developing economies (EMDEs), a growth of 4.0 per cent is expected in 2023 and 4.1 per cent in 2024, while the overall outlook is “broadly stable,” said the IMF. Additionally, the WEO also noted that much of the global growth this year will be contributed by EMDEs like India and China, with substantially slow economic activity in advanced economies.&nbsp;

The report noted that China’s growth forecast for this year remained unchanged at 5.2 per cent. Meanwhile, advanced economies are expected to grow 1.5 per cent in 2023, which was raised by 0.2 percentage points from April and 1.4 percent in 2024.&nbsp;

<h2>What about India?</h2>

India’s growth is projected to be 6.1 per cent this year, which is up by 0.2 percentage points since the previous forecast in April. The report attributed this growth to “momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.”

(With inputs from agencies)&nbsp; 
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The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023.

The International Monetary Fund (IMF), on Tuesday (July 25) slightly raised the outlook for global growth this year given the resilient economy, particularly, service sector activity in the first quarter of 2023. However, the global lender also warned about the persistent challenges which are dampening the medium-term outlook. Meanwhile, India’s projection of economic growth is at 6.1 per cent in this year. IMF about the growth forecast In its latest, World Economic Outlook (WEO), the IMF projected global real GDP growth of 3.0 per cent for this year, which is 0.2 percentage points higher than its April forecast. But the global growth is expected to stay there and the forecast for 2024 remained unchanged at 3.0 per cent, amid weak growth among the world’s advanced economies. The growth forecast was slightly raised as the IMF noted ease in soaring inflation as well as the acute stress that the banking sector witnessed. “We’re not out of the woods yet and growth remains on the low side,” IMF Chief Economist Pierre-Olivier Gourinchas told AFP, in an interview. “What we are seeing when we look five years out is actually close to 3.0%, maybe a little bit above 3.0%. This is a significant slowdown compared to what we had pre-COVID,” the IMF chief economist told Reuters. The global economic growth is nearly half of what it was in two years with 6.3 per cent and also lower than 3.5 per cent in 2022, the WEO noted. Gourinchas told Reuters how the lowered growth is also related to the ageing of the global population, particularly in countries like China, Japan, and Germany. Lower inflation According to the IMF, the global headline inflation may fall to 6.8 per cent this year, from 8.7 per cent in 2022 and may witness a further drop to 5.2 per cent next year. On the other hand, core inflation would decline more gradually, with 6.0 per cent in 2023 from 6.5 per cent, last year to 4.7 per cent in 2024. Gourinchas told Reuters we might have to wait until the end of 2024 or early 2025 to see the drop in inflation which the central bankers have targeted and the current cycle of monetary tightening would end. However, the IMF notes that if the war in Ukraine were to intensify, given Russia’s backing out of the Black Sea grain deal, and the world witnesses a rise in extreme weather events due to the El Nino weather pattern, it could raise the prices of commodities. This in turn could trigger further rate hikes. The IMF has said the world is a better place than it was and also hailed the World Health Organization’s decision to end the global health emergency due to COVID-19, which has reduced shipping costs and delivery times to pre-pandemic levels. ‘Broadly stable’ outlook for EMDEs In the emerging markets developing economies (EMDEs), a growth of 4.0 per cent is expected in 2023 and 4.1 per cent in 2024, while the overall outlook is “broadly stable,” said the IMF. Additionally, the WEO also noted that much of the global growth this year will be contributed by EMDEs like India and China, with substantially slow economic activity in advanced economies. The report noted that China’s growth forecast for this year remained unchanged at 5.2 per cent. Meanwhile, advanced economies are expected to grow 1.5 per cent in 2023, which was raised by 0.2 percentage points from April and 1.4 percent in 2024. What about India? India’s growth is projected to be 6.1 per cent this year, which is up by 0.2 percentage points since the previous forecast in April. The report attributed this growth to “momentum from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment.” (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF raises 2023 global economic growth forecast to 3 per cent; India remains bright spot

The International Monetary Fund (IMF) released its latest World Economic Outlook report on Monday. In the report, India`s economy has retained the crown of "a bright spot" and is slated to account for half of the global growth, together with China, in 2023. Compared to it, just a tenth of it will be coming from the combined might of the US, the world`s largest economy, and Europe, which comprises some of the largest economies.

"India remains a bright spot," IMF chief economist Pierre-Olivier Gourinchas&nbsp;wrote in a blog accompanying the World Economic Outlook update, a quarterly report.

"Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined."

Inflation in India is expected to come down from 6.8 per cent in the current fiscal year ending March 31 to five percent the next fiscal, and then drop further to four per cent in 2024.

The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/a-lot-to-learn-from-india-imf-praises-direct-cash-transfer-and-other-government-schemes-525170">IMF praises direct cash transfer and other government schemes</a>

Meanwhile, global growth is set to be higher than expected this year, as the IMF raised its forecast on surprisingly strong consumption and investment. With China lifting zero-Covid restrictions, the economy is expected to get another boost.

The global economy is still projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024.

But "adverse risks have moderated" since last October's forecast, the IMF said in the report.

"The year ahead will still be challenging... but it could well represent a turning point with growth bottoming out and inflation declining," Gourinchas&nbsp;told reporters.

The report further sees Germany and Italy avoiding recessions this year, shifting from earlier predictions. Notably, European growth proved "more resilient than expected" despite the ongoing war in Ukraine.

Britain was the only major advanced economy the IMF predicted to be in recession this year, with a 0.6 per cent fall in GDP. People are struggling with rising living costs, including for energy and mortgages in the country.

The IMF also revised China's growth outlook sharply higher for 2023, to 5.2 per cent from 4.4 per cent in the October forecast after the country dropped its "zero-COVID" lockdown policies in 2022. The zero Covid policy slashed gravely affected China's growth rate, bringing it to 3.0 per cent - a pace below the global average for the first time in more than 40 years.&nbsp;

The body added that China's growth will "fall to 4.5 per cent in 2024 before settling at below four per cent over the medium term amid declining business dynamism and slow progress on structural reforms."

(With inputs from agencies)

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The International Monetary Fund (IMF) released its latest World Economic Outlook report on Monday. In the report, India`s economy has retained the crown of "a bright spot" and is slated to account for half of the global growth, together with China, in 2023.

The International Monetary Fund (IMF) released its latest World Economic Outlook report on Monday. In the report, India`s economy has retained the crown of "a bright spot" and is slated to account for half of the global growth, together with China, in 2023. Compared to it, just a tenth of it will be coming from the combined might of the US, the world`s largest economy, and Europe, which comprises some of the largest economies. "India remains a bright spot," IMF chief economist Pierre-Olivier Gourinchas wrote in a blog accompanying the World Economic Outlook update, a quarterly report. "Together with China, it will account for half of global growth this year, versus just a tenth for the US and euro area combined." Inflation in India is expected to come down from 6.8 per cent in the current fiscal year ending March 31 to five percent the next fiscal, and then drop further to four per cent in 2024. The Indian economy is expected to grow by 6.1 per cent in 2023, which is 0.7 percentage points lower than 6.8 per cent in 2022, which was earlier projected by the fund in its October forecast. Also Read | IMF praises direct cash transfer and other government schemes Meanwhile, global growth is set to be higher than expected this year, as the IMF raised its forecast on surprisingly strong consumption and investment. With China lifting zero-Covid restrictions, the economy is expected to get another boost. The global economy is still projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent in 2024. But "adverse risks have moderated" since last October's forecast, the IMF said in the report. "The year ahead will still be challenging... but it could well represent a turning point with growth bottoming out and inflation declining," Gourinchas told reporters. The report further sees Germany and Italy avoiding recessions this year, shifting from earlier predictions. Notably, European growth proved "more resilient than expected" despite the ongoing war in Ukraine. Britain was the only major advanced economy the IMF predicted to be in recession this year, with a 0.6 per cent fall in GDP. People are struggling with rising living costs, including for energy and mortgages in the country. The IMF also revised China's growth outlook sharply higher for 2023, to 5.2 per cent from 4.4 per cent in the October forecast after the country dropped its "zero-COVID" lockdown policies in 2022. The zero Covid policy slashed gravely affected China's growth rate, bringing it to 3.0 per cent - a pace below the global average for the first time in more than 40 years. The body added that China's growth will "fall to 4.5 per cent in 2024 before settling at below four per cent over the medium term amid declining business dynamism and slow progress on structural reforms." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF lifts 2023 growth forecast in World Economic Outlook report; India remains 'a bright spot'

The International Monetary Fund (IMF) released its World Economic Outlook update on Monday (January 30), in which they said global growth is set to be higher than expected this year. This has largely been attributed to strong consumption and increased investment. The forecasted growth for 2023 is 0.2 percentage points higher than predicted in its previous outlook released in October 2022.&nbsp;

What does the report say about the global outlook?

According to the report, global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent the year after. Furthermore, it predicts a decline in global inflation from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024 but it remains at least 3.5 per cent above the pre-pandemic level between 2017 and 2019. This has largely been attributed to the fact that “adverse risks” have been “moderated” since the last report in October.&nbsp;

The Washington-based lender has also noted how Russia’s war in Ukraine, as well as the central banks across different countries increasing their interest rates in a bid to combat inflation, continue to weigh on economic activity. However, China re-opening after the rapid spread of COVID-19 in the country, last year,&nbsp;has also paved the way for a “faster-than-expected recovery” and accelerating vaccination rates in the country would safeguard this recovery, said the IMF report. It added, “severe health outcomes in China could “hold back” this progress.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/chinas-economy-grows-3-in-2022-hit-by-covid-restrictions-553375">Hit by Covid restrictions, China's economy grew just 3% in 2022</a>

Another factor that could affect global growth is an escalation in the conflict between Russia and Ukraine and tighter global financing costs which could worsen debt distress, as per the report. While the news of adverse inflation could suddenly re-price financial markets and further “geopolitical fragmentation” could hamper economic progress.&nbsp;

The report also mentioned reasons like stronger-than-expected consumption and investment in the third quarter of 2022 as well as a robust labour market and strong consumer balance sheets for an overall rise in predicted growth. “The year ahead will still be challenging...but it could well represent a turning point with growth bottoming out and inflation declining,” said the IMF chief economist, Pierre-Olivier Gourinchas, while addressing a press conference, as per AFP.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/imf-warns-of-darkening-global-economic-playout-497236">IMF warns of 'darkening' global economic playout</a>

The IMF chief economist also said that the risk of the world facing a recession has been subdued and that central banks are making progress on controlling inflation.

India retains its ‘bright spot’ status

The global projections for India have remained unchanged since the last outlook report by the IMF which predicted a 6.8 per cent growth for this current fiscal year until March, said Gourinchas. He added, “we're expecting some slowdown to 6.1 per cent in fiscal year 2023. And that is largely driven by external factors”. The report also noted this aspect but said that India may continue with, “resilient domestic demand despite external headwinds.”&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/imf-lifts-2023-growth-forecast-in-world-economic-outlook-report-india-remains-a-bright-spot-557448">IMF lifts 2023 growth forecast in World Economic Outlook report; India remains 'a bright spot'</a>

“I want to say, we had a positive view on India in our October forecast. That positive view is largely unchanged,” Gourinchas said in response to a question. In his blog, he also went on to say that India remains a bright spot and along with China it would account for half of the global growth this year.&nbsp;

China expected to witness a sharp rise in growth after reopening&nbsp;

After China dropped its zero-Covid policies following protests in December, the IMF in its recent report has predicted a sharply high global outlook which has been raised to 5.2 per cent from the previous 4.4 per cent. This comes after its growth rate last year was slashed to 3 per cent which was not only below the world average but also marked the first time it had been so low in the last four decades or so.&nbsp;

ALSO READ&nbsp;|&nbsp;<a href="https://www.wionews.com/business-economy/chinas-economy-witnesses-an-upsurge-in-january-official-pmi-shows-557482">China's economy saw an upsurge in January, official PMI shows</a>

However, the expected rise in growth may be short-lived as it might fall back to 4.4 per cent, as per the report. The Washington-based fund agency has attributed this possible decline to “business dynamism and slow progress on structural reforms.” According to Gourinchas, while the reopening of China could put some pressure on commodity prices, the IMF largely views the ease in restrictions as to “benefit to the global economy”. He added that it will help ease production bottlenecks which have worsened inflation recently and by the creation of demand from Chinese households.&nbsp;

The US, UK and eurozone

In its recently updated outlook, the IMF also predicted that US GDP will grow by 1.4 per cent from one per cent, as mentioned in its previous report, which could be due to stronger-than-expected consumption and investment in the third quarter of 2022. Meanwhile, the eurozone, which is a group of 20 countries in the European Union that use euros as its primary currency, may also see some growth in their GDP which has increased from 0.5 per cent in last year’s report to 0.7 per cent in the updated version.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/us-economy-performed-better-than-expected-in-final-months-of-last-year-556309">US economy performed better than expected in final months of last year</a>

However, things are not looking good for the United Kingdom which was one of the only major advanced economies Group of Seven that the IMF predicted to be in recession in 2023 as well as a sharp downgrade in growth this year. According to the recent report, Britain might see a decline of 0.6 per cent in GDP as households continue to struggle with the cost of living crisis.&nbsp;

According to the IMF, the UK has particularly suffered after the rise in fuel prices following the Russian invasion of Ukraine due to its heavy reliance on gas for power generation. This also came as the country faced mass walkouts over wage disputes and working conditions from virtually every sector in the country, which led to a shortage of workers and further slowed down the economy.&nbsp;

ALSO WATCH |&nbsp;<a href="https://www.wionews.com/videos/wion-dispatch-nurses-in-uk-launch-fresh-strikes-thousands-of-patients-to-be-hit-by-disruptions-553890">WION Dispatch: Nurses in UK launch fresh strikes, thousands of patients to be hit by disruptions</a>

Subsequently, in a bid to control inflation the Bank of England announced interest rate hikes. The IMF chief economist believes that this is because of all these factors which have “lead to a fairly sharp retrenchment of activity in 2023”. He added this comes after the UK was expected to account for one of the highest growth rates in 2022 among European countries at 4.1 per cent, as per Reuters.&nbsp;

Outlook for ASEAN countries&nbsp;

The group of ten member countries in Southeast Asia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, are set to witness downgrades to their 2023 growth outlooks. This has been attributed to the global economic slowdown which has outweighed the benefits and positive impact of China’s reopening after COVID-19.&nbsp;

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/imf-cuts-global-growth-forecast-for-2023-warns-the-worst-is-yet-to-come-524617">IMF cuts global growth forecast for 2023, warns ‘the worst is yet to come’</a>

This prompted the IMF to reduce Singapore’s GDP outlook for 2023 from 2.3 per cent in the previous forecast to 1.5 per cent in the updated one, said Gourinchas, as per Reuters. Additionally, the overall growth predictions for ASEAN-5 (group of five countries, Indonesia, Malaysia, the Philippines, Singapore, and Thailand), were reduced to 4.3 per cent from 4.5 per cent.&nbsp;

(With inputs from agencies)&nbsp; 
 
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The International Monetary Fund (IMF) released its World Economic Outlook update on Monday (January 30), in which they said global growth is set to be higher than expected this year.

The International Monetary Fund (IMF) released its World Economic Outlook update on Monday (January 30), in which they said global growth is set to be higher than expected this year. This has largely been attributed to strong consumption and increased investment. The forecasted growth for 2023 is 0.2 percentage points higher than predicted in its previous outlook released in October 2022. What does the report say about the global outlook? According to the report, global growth is projected to fall from an estimated 3.4 per cent in 2022 to 2.9 per cent in 2023, then rise to 3.1 per cent the year after. Furthermore, it predicts a decline in global inflation from 8.8 per cent in 2022 to 6.6 per cent in 2023 and 4.3 per cent in 2024 but it remains at least 3.5 per cent above the pre-pandemic level between 2017 and 2019. This has largely been attributed to the fact that “adverse risks” have been “moderated” since the last report in October. The Washington-based lender has also noted how Russia’s war in Ukraine, as well as the central banks across different countries increasing their interest rates in a bid to combat inflation, continue to weigh on economic activity. However, China re-opening after the rapid spread of COVID-19 in the country, last year, has also paved the way for a “faster-than-expected recovery” and accelerating vaccination rates in the country would safeguard this recovery, said the IMF report. It added, “severe health outcomes in China could “hold back” this progress. ALSO READ | Hit by Covid restrictions, China's economy grew just 3% in 2022 Another factor that could affect global growth is an escalation in the conflict between Russia and Ukraine and tighter global financing costs which could worsen debt distress, as per the report. While the news of adverse inflation could suddenly re-price financial markets and further “geopolitical fragmentation” could hamper economic progress. The report also mentioned reasons like stronger-than-expected consumption and investment in the third quarter of 2022 as well as a robust labour market and strong consumer balance sheets for an overall rise in predicted growth. “The year ahead will still be challenging...but it could well represent a turning point with growth bottoming out and inflation declining,” said the IMF chief economist, Pierre-Olivier Gourinchas, while addressing a press conference, as per AFP. ALSO WATCH | IMF warns of 'darkening' global economic playout The IMF chief economist also said that the risk of the world facing a recession has been subdued and that central banks are making progress on controlling inflation. India retains its ‘bright spot’ status The global projections for India have remained unchanged since the last outlook report by the IMF which predicted a 6.8 per cent growth for this current fiscal year until March, said Gourinchas. He added, “we're expecting some slowdown to 6.1 per cent in fiscal year 2023. And that is largely driven by external factors”. The report also noted this aspect but said that India may continue with, “resilient domestic demand despite external headwinds.” ALSO READ | IMF lifts 2023 growth forecast in World Economic Outlook report; India remains 'a bright spot' “I want to say, we had a positive view on India in our October forecast. That positive view is largely unchanged,” Gourinchas said in response to a question. In his blog, he also went on to say that India remains a bright spot and along with China it would account for half of the global growth this year. China expected to witness a sharp rise in growth after reopening After China dropped its zero-Covid policies following protests in December, the IMF in its recent report has predicted a sharply high global outlook which has been raised to 5.2 per cent from the previous 4.4 per cent. This comes after its growth rate last year was slashed to 3 per cent which was not only below the world average but also marked the first time it had been so low in the last four decades or so. ALSO READ | China's economy saw an upsurge in January, official PMI shows However, the expected rise in growth may be short-lived as it might fall back to 4.4 per cent, as per the report. The Washington-based fund agency has attributed this possible decline to “business dynamism and slow progress on structural reforms.” According to Gourinchas, while the reopening of China could put some pressure on commodity prices, the IMF largely views the ease in restrictions as to “benefit to the global economy”. He added that it will help ease production bottlenecks which have worsened inflation recently and by the creation of demand from Chinese households. The US, UK and eurozone In its recently updated outlook, the IMF also predicted that US GDP will grow by 1.4 per cent from one per cent, as mentioned in its previous report, which could be due to stronger-than-expected consumption and investment in the third quarter of 2022. Meanwhile, the eurozone, which is a group of 20 countries in the European Union that use euros as its primary currency, may also see some growth in their GDP which has increased from 0.5 per cent in last year’s report to 0.7 per cent in the updated version. ALSO READ | US economy performed better than expected in final months of last year However, things are not looking good for the United Kingdom which was one of the only major advanced economies Group of Seven that the IMF predicted to be in recession in 2023 as well as a sharp downgrade in growth this year. According to the recent report, Britain might see a decline of 0.6 per cent in GDP as households continue to struggle with the cost of living crisis. According to the IMF, the UK has particularly suffered after the rise in fuel prices following the Russian invasion of Ukraine due to its heavy reliance on gas for power generation. This also came as the country faced mass walkouts over wage disputes and working conditions from virtually every sector in the country, which led to a shortage of workers and further slowed down the economy. ALSO WATCH | WION Dispatch: Nurses in UK launch fresh strikes, thousands of patients to be hit by disruptions Subsequently, in a bid to control inflation the Bank of England announced interest rate hikes. The IMF chief economist believes that this is because of all these factors which have “lead to a fairly sharp retrenchment of activity in 2023”. He added this comes after the UK was expected to account for one of the highest growth rates in 2022 among European countries at 4.1 per cent, as per Reuters. Outlook for ASEAN countries The group of ten member countries in Southeast Asia, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, are set to witness downgrades to their 2023 growth outlooks. This has been attributed to the global economic slowdown which has outweighed the benefits and positive impact of China’s reopening after COVID-19. ALSO WATCH | IMF cuts global growth forecast for 2023, warns ‘the worst is yet to come’ This prompted the IMF to reduce Singapore’s GDP outlook for 2023 from 2.3 per cent in the previous forecast to 1.5 per cent in the updated one, said Gourinchas, as per Reuters. Additionally, the overall growth predictions for ASEAN-5 (group of five countries, Indonesia, Malaysia, the Philippines, Singapore, and Thailand), were reduced to 4.3 per cent from 4.5 per cent. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Explained: IMF lifts 2023 global growth forecast in World Economic Outlook updated report