IMF Forecast October 2024

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

Growth estimates for 2024 among advanced economies have been revised as follows: Spain (from 2.4 to 2.9 per cent), United States (from 2.6 to 2.8 per cent), France (from 0.9 to 1.1 per cent) and United Kingdom (from 0.7 to 1.1 per cent). While Canada confirmed its previous estimate (1.3 per cent), together with Italy (0.7 per cent). The IMF lowered the 2024 GDP forecast for Japan (from 0.7 to 0.3), and Germany (from 0.2 to 0 per cent).

The forecast for 2024 also includes revisions among a few large emerging markets. The IMF lowered China’s growth outlook for 2024 at 4.8 per cent, while India's GDP growth estimate remained in line with its previous forecast of 7 per cent. For the five largest ASEAN economies, growth in 2024 is expected as follows: Vietnam (6.1 per cent), Indonesia (5 per cent), Malaysia (4.8 per cent), Thailand (2.8 per cent), and Singapore (2.6 per cent).