IMF projects global growth down to 2.8% in 2023

WASHINGTON - The International Monetary Fund projected on Tuesday that the world economy will grow 2.8 percent in 2023, 0.1 percentage point lower than its January forecast.

"A return of the world economy to the pace of economic growth that prevailed before the bevy of shocks in 2022 and the recent financial sector turmoil is increasingly elusive," the IMF said in the newly released World Economic Outlook (WEO) report.

The global growth is estimated at 3.4 percent in 2022, and expected to rise to 3 percent in 2024, it added.