Despite the global fight against inflation and the war in Ukraine, the International Monetary Fund upgraded its world economic growth projections as the full reopening of China is set to safeguard the recovery.
The global growth outlook for 2023 was revised up by 0.2 percentage points to 2.9 percent, the IMF said in its World Economic Outlook Update, released Tuesday.
Nonetheless, this was weaker than an estimated 3.4 percent growth in 2022, which was also revised up by 0.2 percentage point as there were positive surprises and greater-than-expected resilience in numerous economies.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.