ISTANBUL

The International Monetary Fund (IMF) announced Tuesday it has revised down its global economic growth forecasts for 2023 and 2024.

Global economic growth is now expected to bottom out at 2.8% and then rising modestly to 3% next year. Both expectations are 0.1 percentage points below the IMF's previous projections made in January.

"Global inflation will fall, though more slowly than initially anticipated, from 8.7 percent last year to 7 percent this year and 4.9 percent in 2024," the IMF said in its World Economic Outlook report titled A Rocky Recovery.

"Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023," the report added.

The IMF said this year’s economic slowdown is concentrated in advanced economies, especially the euro area and the UK, where growth is expected to fall to 0.8% and minus 0.3%, respectively, this year before rebounding to 1.4% and 1%, respectively.