IMF projects global growth down to 2.8% in 2023

The International Monetary Fund (IMF) projected on Tuesday that the world economy will grow 2.8 percent in 2023, 0.1 percentage point lower than its January forecast, reported Xinhua.

"A return of the world economy to the pace of economic growth that prevailed before the bevy of shocks in 2022 and the recent financial sector turmoil is increasingly elusive," the IMF said in the newly released World Economic Outlook (WEO) report.

Global growth is estimated at 3.4 percent in 2022, to fall to 2.8 percent in 2023, before rising to 3 percent in 2024, it added.

The growth of advanced economies will decline by half in 2023 to 1.3 percent, before rising to 1.4 percent in 2024, said the IMF.

"About 90 percent of advanced economies are projected to see a decline in growth in 2023," it said.

"With the sharp slowdown, advanced economies are expected to see higher unemployment, a rise of 0.5 percentage point on average from 2022 to 2024," said the IMF.