The global economy is set to slow down this year before bouncing back in 2024, a senior official with the International Monetary Fund (IMF) has said, citing China’s sudden re-opening following the end of its “zero-COVID” policy, and a mild winter, in Europe as factors. More precisely, “Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity,” said Pierre-Olivier Gourinchas, the Fund’s Chief Economist, in projections published on Monday. He added that this outlook “could represent a turning point, with growth bottoming out and inflation declining.” The IMF estimates growth at 2.9 per cent this year, falling from 3.4 per cent in 2022 and reaching 3.1 per cent in 2024.

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