Good morning, good afternoon and good evening to all readers of this blog. I know that there are millions of you, but for some unknown reason the counter of this blog never worked. Now the same is happening with my channel on YouTube, here is the link, ✊✊✊✊✊ https://www.youtube.com/@lucianofietto4773/videos. I've been harmed in so many ways and for so long. But now all the world is demanding justice together. This post is a summary of the book with the incomplete title above published in April of 2024 at https://www.imf.org/en/Publications/WEO/Issues/2024/04/16/world-economic-outlook-april-2024
The global economy remains remarkably resilient with growth holding steady as inflation returns to target. Yet, despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops. Moreover, the inflation surge did not trigger uncontrolled wage-price spirals. Instead, almost as quickly as global inflation went up, it has been coming down. Resilient growth and faster disinflation point towards favorable supply developments, including the fading of earlier energy prices shocks, the striking rebound in labour supply supported by strong immigration flows in many advanced economies. Decisive monetary policy actions, as well as improved monetary frameworks, especially in emerging markets, have helped anchor inflation expectations. Despite these welcome developments, numerous challenges remain, and decisive actions are needed. First, while inflation trends are encouraging, we are not there yet. Most of the progress on inflation came from the decline in energy prices and goods inflation below its historical average. The latter has been helped by easing supply-chain frictions, as well as by the decline in Chinese export prices. Bringing inflation down to target remains priority. Second, the global view can mark stark divergence across countries. The exceptional recent performance of the U.S. is certainly impressive and a major driver of global growth, but it reflects strong demand factors as well, including a fiscal stance that is out of line with long-term fiscal sustainability. This raise short-term risks to the disinflation process, as well as long-term fiscal and financial stability risks for the global economy. In the Euro area, growth will pick up this year, but from very low levels, as the trailing effects of high monetary policy and past energy costs, as well as planned fiscal consolidation, weigh on activity. China's economy is affected by the downturn in its property sector. Credit booms and busts never resolve themselves quickly, and this one is no exception. Domestic demand will remain lackluster for some time unless strong measures and reforms address the root cause. Huge global investments are needed for a green and climate-resilient future. Cutting emissions is compatible with growth, as is seen in recent decades during which growth has become much less emission intensive. Neverthless, emissions are still rising. A lot more needs to be done. Cutting fossil fuel subsidies can help create the necessary fiscal room for further green investments. Below the GDP growth in 2023, from the highest growth to the smallest growth. The first column is for countries in the American continent, and the other is for some countries in the rest of the world. As previously forecasted, Guyana had the highest GDP growth of the world last year. The same had happened in 2021 and 2022. Congratulations to our neighboring country.
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