The International Monetary Fund revised its growth forecast for the Belgian economy upward for this year, but lowered it for next year. This is clear from the new expectations of the international institution.
In April, the International Monetary Fund assumed Belgian GDP growth of 0.7 percent this year, 1.1 percent in 2024, and 1.2 percent in 2025. This was revised in the new forecast to 1 percent, 0. 9 percent and 1.2 percent. Therefore, the International Monetary Fund is less optimistic than the National Bank, which expects growth of 1.4 percent this year and 1.3 percent next year.
Global economic growth is expected to reach 3 percent this year and 2.9 percent next year. “The global economy continues to recover from the pandemic and the war in Ukraine, but growth remains weak by historical standards. We also see increasing divergences,” explained IMF Chief Economist Pierre-Olivier Gorinchas.
The International Monetary Fund expects the German economy to contract (-0.5%), while France (+1%), Italy (+0.7%) and the United Kingdom (+0.5%) will hold out. The US economy is expected to grow by 2.1 percent this year. Growth in China is expected to slow due to the real estate crisis: +5% this year and +4.2% next year.
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