IMF Forecast July 2024

The International Monetary Fund (IMF) released its latest World Economic Outlook for July 2024, confirming global growth of 3.2 per cent for 2024 and 3.3 per cent for 2025.

Growth forecasts for 2024 among advanced economies have been revised as follows: Spain (from 1.9 to 2.4 per cent), France (from 0.7 to 0.9 per cent), Canada (from 1.2 to 1.3 per cent), and United Kingdom (from 0.5 to 0.7 per cent). While Japan confirmed its previous estimate (0.7 per cent), together with Italy (0.7 per cent) and Germany (0.2 per cent). The IMF lowered the 2024 GDP forecast for the United States by 0.1 percentage point, from 2.7 to 2.6 per cent.

The forecast for 2024 also includes revisions among a few large emerging markets. The IMF increased China’s growth outlook for 2024 at 5 per cent, while India saw its GDP growth revised upward by an additional 0.2 percentage points from the previous outlook to 7 per cent. For the largest five ASEAN economies (Indonesia, Malaysia, Philippines, Thailand, and Vietnam), growth is projected at 4.5 per cent in 2024.