The International Monetary Fund (IMF) has upped its projection for global growth by 0.2% to 2.9% in 2023, noting that China's reopening has paved the way for a "faster-than-expected" recovery.
The IMF warned that the balance of risks remains skewed to the downside, but that adverse risks have abated since October last year. According to the Fund's projections, global growth will first decline from an estimated 3.4% in 2022 to 2.9% in 2023 before increasing to 3.1% in 2024.
The organization also said it expects the monetary policy adjustments of central banks across the world and the Russia-Ukraine conflict to continue to affect economic activity.
