The International Monetary Fund noted today, Tuesday, that global growth is expected to decline from 3.5 percent in 2022 to 3.0 percent in 2023 and 2024, with growth in China remaining unchanged at 5.2 percent for 2023 and 4.5 percent for 2024.

The IMF stated in the latest issue of the World Economic Outlook report, "Although the forecasts for 2023 are slightly higher than previously expected in the April 2023 World Economic Outlook report, they remain weak by historical standards."

It continued that "the increase in interest rates set by the central bank to combat inflation continues to put pressure on economic activity."

The report also indicated that for advanced economies, the expected slowdown in growth for 2023 remains significant, from 2.7 percent in 2022 to 1.5 percent in 2023.

It added that about 93 percent of advanced economies are expected to see lower growth in 2023, and growth in 2024 is expected to remain at 1.4 percent among this group of economies.

In the United States, growth is expected to slow from 2.1 percent in 2022 to 1.8 percent in 2023 and then to 1.0 percent in 2024.