The International Monetary Fund (IMF) revised up its expectations for global economic growth this year after highlighting that the world economy is still resilient, but it warned that the outlook remains cautious amid persistent inflation and geopolitical risks.
The fund released the latest edition of its report on the World Economic Outlook on Tuesday, ahead of the 2024 Spring Meetings of the World Bank Group (WBG) and the IMF, which will take place from April 19 to 21 in Washington, D.C.
The new forecast calls for global growth of 3.2 percent this year and next, a slight increase of 0.1 percentage point from its January assessment and 0.3 percentage point from the one made in last October.
Though the global economy remains resilient, growth is uneven and challenges lie ahead, said the report.
In addition, growth in China is projected to slow from 5.2 percent in 2023 to 4.6 percent in 2024 and 4.1 percent in 2025, remaining unchanged from the previous report.
Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging markets and developing economies, according to the report.
Most indicators point to a soft landing.
IMF ups global growth forecast, but warns of challenges ahead
Chinese Foreign Minister Wang Yi held talks with Minister of Foreign Affairs, International Trade and Worship of Argentina Diana Mondino on Tuesday in Beijing.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that China is willing to take the opportunity of the 10th anniversary of the establishment of China-Argentina comprehensive strategic partnership this year, to jointly grasp the direction of bilateral relations, inject more certainty into the two sides' cooperation in various fields, and open up new prospects for the comprehensive strategic partnership between the two countries.
The two sides should continue to cherish and consolidate political mutual trust, understand and support each other on issues concerning each other's core interests and major concerns, and advance cooperation, he said.
China is willing to work with Argentina and other Latin American and Caribbean countries to promote the building of China-Latin America relations in the new era featuring equality, mutual benefit, innovation and openness which will benefit the people, strengthen coordination and cooperation under multilateral frameworks such as the United Nations and G20, and safeguard the common interests of developing countries, Wang said.
Mondino noted that no matter how Argentina's internal political situation changes, its friendly policy toward China will not change. Argentina is willing to deepen cooperation with China under the framework of the CELAC-China Forum, keep close communication and coordination within multilateral mechanisms, and safeguard world peace and promote sustainable development, Mondino said.
Top Chinese diplomat holds talks with Argentina's foreign minister
