The IMF predicted global growth of 3.1% in 2024, two tenths of a percentage point higher than its October forecast, and said it expected unchanged growth of 3.2% in 2025. The historical average for the period 2000-2019 was 3.8%.

Global trade was expected to expand by 3.3% in 2024 and 3.6% in 2025, well below the historical average of 4.9%, with gains hampered by thousands of new trade restrictions.

The IMF maintained its October forecast for global inflation of 5.8% for 2024, but cut the forecast for 2025 to 4.4% from 4.6% in October. Excluding Argentina, which recorded a spike in inflation, global inflation would be lower, said Pierre-Olivier Gourinchas, Director and Economic Advisor in the IMF's Research Department quoted by Reuters.

Advanced economies are expected to see average inflation of 2.6%, down four-tenths of a percentage point on the October forecast, with inflation set to reach the central bank's targets of 2% by 2025.

Also quoted by the agency, the IMF says that in contrast, average inflation would be 8.1% in emerging markets and developing economies in 2024, before falling to 6% in 2025.

The IMF said average oil prices will fall by 2.3% in 2024, against the 0.7% decline forecast in October, and said prices should fall by 4.8% in 2025.