Fighting inflation is far from over and remains a major challenge for global policy makers, a senior official of the International Monetary Fund (IMF) said.

(Bloomberg)

[Financial Channel/Comprehensive Report] A senior official of the International Monetary Fund (IMF) said after the agency raised its outlook for global economic growth for the first time in a year that the fight against inflation is far from over and remains a major challenge for global policymakers.

IMF Chief Economist Pierre-Olivier Gourinchas said in an interview with Bloomberg on Tuesday (31st) that countries are still far from winning the war on inflation.

The IMF recently forecast global economic growth of 2.9% this year, slightly higher than its October 2022 forecast.

He said 2023 would remain a challenging year, with growth below the average of the past 20 years and inflation just starting to come off its peak.

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The IMF estimates that headline global inflation, which peaked last year, should be lower this year in 84% of countries than last year, and that by 2024, in a similar proportion of economies, headline and core inflation measures Inflation measures are likely to remain above pre-pandemic levels.

Nevertheless, emerging and developing economies will grow at 4% this year and 4.2% next year, about three times the growth rate of developed economies.

China, the world's second-largest economy, is expected to grow 5.2% this year (2023), 4.5% next year, and just 3% in 2022.

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