## World Economic Outlook Update, July 2024: The Global Economy in a Sticky Spot

_World Economic Outlook, July 2024_

## Source details

**Canonical URL:** [World Economic Outlook Update, July 2024: The Global Economy in a Sticky Spot](https://www.imf.org/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024)

## Other formats

- [Markdown version](/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024/index.md)
- [Structured JSON version](/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024/index.json)
- [Bundle manifest](/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024/bundle-manifest.json)

## Bibliographic details
- Published: July 16, 2024

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### Overview
- 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.

### Growth projections
- Global growth: 3.2 percent in 2024.
- Global growth: 3.3 percent in 2025.

### Inflation dynamics and monetary policy implications
- 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.

### Risks and context
- Escalating trade tensions.
- Increased policy uncertainty.
- Diminished buffers that policymakers should consider when sequencing the policy mix.

### Policy recommendations
- Sequence the policy mix carefully to:
  - Achieve price stability.
  - Replenish diminished buffers.

*Source: World Economic Outlook Update, July 2024: The Global Economy in a Sticky Spot*

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## Content in this bundle

- **WEO Update July 2024**
  - [WEO Update July 2024 (XLSX)](/-/media/files/publications/weo/2024/update/july/english/data/weojuly2024update.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"}
- **Full Report**
  - [Full Report (Markdown version)](/-/media/files/publications/weo/2024/update/july/english/text.pdf.md){rel="alternate" type="text/markdown"}
  - [Full Report (PDF)](/-/media/files/publications/weo/2024/update/july/english/text.pdf){rel="external" type="application/pdf"}

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## References

- [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)

_Source: https://www.imf.org/en/publications/weo/issues/2024/07/16/world-economic-outlook-update-july-2024_