WASHINGTON: The International Monetary Fund kept its 2024 global economic growth forecast unchanged in a quarterly update of its World Economic Outlook report on Tuesday, while downgrading Japan’s growth outlook.

The IMF projected that the global economy will grow 3.2 percent in 2024, unchanged from its previous April forecast, and 3.3 percent in 2025, up 0.1 point.

For Japan, the organization lowered its 2024 growth estimate by 0.2 points to 0.7 percent, citing temporary production suspensions at some automakers over their vehicle test cheating scandals as well as weak private investment.

Meanwhile, it maintained its 2025 growth projection for Japan at 1.0 percent, saying that “strong” wage increases achieved in this spring’s “shunto” labor-management negotiations are “expected to support a turnaround in private consumption starting in the second half” of this year.

Among other economies, 2024 economic growth is put at 2.6 percent for the United States, down 0.1 point, 5.0 percent for China, up 0.4 point, and 7.0 percent for India, up 0.2 point.

JIJI Press