{
  "title": "World Economic Outlook Update, July 2024: The Global Economy in a Sticky Spot",
  "publication": "World Economic Outlook, July 2024",
  "sourceUrl": "https://www.imf.org/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024",
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  "summary": "Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast, at 3.2 percent in 2024 and 3.3 percent in 2025. Services inflation is holding up progress on disinflation, which is complicating monetary policy normalization.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast.\n- Services inflation is holding up progress on disinflation, complicating monetary policy normalization.\n- Upside risks to inflation have increased, raising the prospect of \"higher for even longer\" interest rates.\n- These developments occur in the context of escalating trade tensions and increased policy uncertainty.\n- The policy mix should be sequenced carefully to achieve price stability and replenish diminished buffers."
    },
    {
      "heading": "Growth projections",
      "content": "- Global growth: 3.2 percent in 2024.\n- Global growth: 3.3 percent in 2025."
    },
    {
      "heading": "Inflation dynamics and monetary policy implications",
      "content": "- Services inflation is a key factor slowing disinflation progress.\n- The persistence of services inflation complicates monetary policy normalization.\n- Upside risks to inflation have increased, which raises the prospect of \"higher for even longer\" interest rates."
    },
    {
      "heading": "Risks and context",
      "content": "- Escalating trade tensions.\n- Increased policy uncertainty.\n- Diminished buffers that policymakers should consider when sequencing the policy mix."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Sequence the policy mix carefully to:\n  - Achieve price stability.\n  - Replenish diminished buffers.\n\nSource: World Economic Outlook Update, July 2024: The Global Economy in a Sticky Spot\n\n---\n\n Content in this bundle\n\n- WEO Update July 2024\n  - WEO Update July 2024 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - WEO Update July 2024 (XLSX){rel=\"external\" type=\"application/vnd.openxmlformats-officedocument.spreadsheetml.sheet\"}\n- Full Report\n  - Full Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Full Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Previous Issues\n- Press Conference\n- Blog by IMF's Economic Counsellor Pierre-Olivier Gourinchas\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024"
    }
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    "[Markdown version](/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024/index.md)",
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    "Published: July 16, 2024",
    "Global growth is projected to be in line with the April 2024 World Economic Outlook (WEO) forecast.",
    "Services inflation is holding up progress on disinflation, complicating monetary policy normalization.",
    "Upside risks to inflation have increased, raising the prospect of \"higher for even longer\" interest rates.",
    "These developments occur in the context of escalating trade tensions and increased policy uncertainty.",
    "The policy mix should be sequenced carefully to achieve price stability and replenish diminished buffers.",
    "Global growth: 3.2 percent in 2024.",
    "Global growth: 3.3 percent in 2025.",
    "Services inflation is a key factor slowing disinflation progress.",
    "The persistence of services inflation complicates monetary policy normalization.",
    "Upside risks to inflation have increased, which raises the prospect of \"higher for even longer\" interest rates.",
    "Escalating trade tensions.",
    "Increased policy uncertainty.",
    "Diminished buffers that policymakers should consider when sequencing the policy mix.",
    "Sequence the policy mix carefully to:",
    "**WEO Update July 2024**",
    "**Full Report**",
    "[Previous Issues](https://www.imf.org/en/Publications/WEO)",
    "[Press Conference](https://imf.org/en/videos/view?vid=6358171475112)",
    "[Blog by IMF's Economic Counsellor Pierre-Olivier Gourinchas](https://origin-blogs.imf.org/en/blogs/articles/2024/07/16/global-growth-steady-amid-slowing-disinflation-and-rising-policy-uncertainty)"
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