ISTANBUL – The International Monetary Fund has revised up its outlook for the global economy in 2023 but still expecting a slowdown this year before a rebound in 2024.

According to an IMF report released late Monday, the world gross domestic product (GDP) growth rates will remain weak due to the ongoing Russia-Ukraine war and high inflation figures.

The world economy is expected grow 2.9 percent in 2023, upgraded from 2.7 percent in the IMF’s October report, but down from 3.4 percent expansion for 2022.

The IMF expected a rebound to 3.1 percent in 2024.

Advanced economies will see bigger decreases in growth rates, from 2.7 percent in 2022 to 1.2 percent in 2023 and 1.4 percent in 2024.

The GDP growth rate expectations for the US was at 1.4 percent in 2023 and 1 percent in 2024.

The report also showed that British economy is expected to narrow 0.6 percent in 2023 before expanding 0.9 percent next year.

The growth forecasts for emerging markets and developing economies were at 4 percent in 2023 and 4.2 percent in 2024.

The Russian economy, which shrank 2.2 percent in 2022, is expected expand 0.3 percent this year and 2.2 percent next year.

In its October report, the IMF forecast 1.1 percent growth for advanced economies and 3.7 percent for emerging market and developing economies. (Anadolu)