World Economic Outlook (October 2022)

Recently, the International Monetary Fund (IMF) has released its World Economic Outlook (WEO) Update, which has marginally improved the forecast for global growth in 2023.

• World Economic Outlook is released by International Monetary Fund (IMF).
• It is a survey by the IMF that is usually published twice a year in the months of April and October.

Key Highlights: The global growth, which was estimated at 3.4% in 2022, is now projected to fall to 2.9% in 2023 before rising to 3.1% in 2024.

• Global inflation is set to fall from 8.8 % in 2022 (annual average) to 6.6 % in 2023 and 4.3 % in 2024––above pre-pandemic (2017–19) levels of about 3.5 %.
• India will be the world’s fastest growing economy in 2023 and 2024.
• Growth in India is set to decline from 6.8 % in 2022 to 6.1 % in 2023 before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds.