{ "title": "World Economic Outlook, April 2025: A Critical Juncture amid Policy Shifts", "publication": "World Economic Outlook, April 2025", "sourceUrl": "https://www.imf.org/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025", "canonical": "https://www.imf.org/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025", "overlayPath": "/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/index.md", "summary": "The latest World Economic Outlook reports a slowdown in global growth as downside risks intensify. While policy shifts unfold and uncertainties reach new highs, policies need to be calibrated to rebalance growth-inflation trade-offs, rebuild buffers, and reinvigorate medium-term growth, thereby reducing both internal and external imbalances. Policies that promote healthy aging, bridge gender disparities, and enhance the alignment of migrants’ skills with local labor market demands can play a crucial role in countering slow economic growth and fiscal pressures, especially when coupled with infrastructure investment.", "publishDate": "2025-04-22", "sections": [ { "heading": "Overview", "content": "- The latest World Economic Outlook reports a slowdown in global growth as downside risks intensify.\n- Governments worldwide are reordering policy priorities and uncertainties have climbed to new highs.\n- Forecasts for global growth have been revised markedly down compared with the January 2025 World Economic Outlook (WEO) Update, reflecting effective tariff rates at levels not seen in a century and a highly unpredictable environment.\n- Global headline inflation is expected to decline at a slightly slower pace than what was expected in January.\n- The estimates and projections in the April 2025 WEO Chapter 1 and Statistical Appendix are based on statistical information available through April 14, 2025, but may not reflect the latest published data in all cases." }, { "heading": "Global prospects and downside risks (Chapter 1 highlights)", "content": "- Global growth is projected to decline after a period of steady but underwhelming performance, amid policy shifts and new uncertainties.\n- Risks to the outlook are tilted to the downside.\n- Intensifying downside risks include:\n - Escalating trade tensions and elevated policy-induced uncertainty.\n - Divergent and swiftly changing policy positions or deteriorating sentiment that could lead to even tighter global financial conditions.\n - Ratcheting up a trade war and heightened trade policy uncertainty that may further hinder both short-term and long-term growth prospects.\n - Shifting policies that could lead to abrupt tightening of global financial conditions and capital outflows, particularly impacting emerging markets.\n - More limited international development assistance that could push low-income countries deeper into debt and jeopardize living standards.\n- At this critical juncture, policies need to be calibrated to foster international cooperation while ensuring internal economic stability, thereby helping reduce global imbalances." }, { "heading": "Demographics and the \"silver economy\" (Chapter 2 highlights)", "content": "- Chapter 2: The Rise of the Silver Economy: Global Implications of Population Aging explores healthy aging and its economic effects.\n- Key findings:\n - Population aging poses challenges such as slower growth and increased fiscal pressures.\n - Healthier aging trends offer a silver lining by boosting labor force participation, extending working lives, and enhancing productivity.\n- Policy implications and levers:\n - Implement policies that support healthy aging.\n - Increase labor force participation among older individuals.\n - Close gender gaps in the workforce to harness the potential of the silver economy.\n - These strategies can help boost growth and rebuild fiscal buffers amid demographic headwinds." }, { "heading": "Migration, refugees, and integration (Chapter 3 highlights)", "content": "- Chapter 3: Journeys and Junctions: Spillovers from Migration and Refugee Policies examines how migrant and refugee policies alter flows and outcomes.\n- Key points:\n - Changes in the stringency of migrant and refugee policies can alter the journeys and legal pathways people choose.\n - Stricter policies can deflect flows to new destinations, generating short-term strains on local services but potential long-term benefits.\n - Costs are likely to be more severe where integration challenges are larger and skills are not well matched with local labor market needs—particularly in emerging market and developing economies.\n - Benefits can materialize sooner by boosting infrastructure investment and promoting private sector development.\n - International cooperation can help by more evenly distributing short-term costs across economies." }, { "heading": "Policy recommendations and priorities", "content": "- Promote a stable and predictable trade environment and facilitate international cooperation to support a more resilient global economy.\n- Calibrate policies to rebalance growth-inflation trade-offs, rebuild buffers, and reinvigorate medium-term growth to reduce both internal and external imbalances.\n- Implement policies that promote healthy aging and enhance labor force participation among older individuals and women to stimulate growth and ease fiscal pressures (as discussed in Chapter 2).\n- Foster productivity growth by better integrating migrants and refugees and mitigating skill mismatches (as detailed in Chapter 3).\n- Address policy gaps and structural imbalances at home while working constructively at the international level to secure internal and external economic stability.\n\nSource: World Economic Outlook, April 2025: A Critical Juncture amid Policy Shifts (statistical information through April 14, 2025).\n\n---\n\n Content in this bundle\n\n- CHAPTER 1 GLOBAL PROSPECTS AND POLICIES\n - CHAPTER 1 GLOBAL PROSPECTS AND POLICIES (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 1 GLOBAL PROSPECTS AND POLICIES (PDF){rel=\"external\" type=\"application/pdf\"}\n- ch1\n - ch1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - ch1 (PDF){rel=\"external\" type=\"application/pdf\"}\n- ch1onlineannex — Section 1 and Section 2\n - ch1onlineannex — Section 1 and Section 2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - ch1onlineannex — Section 1 and Section 2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- ch2\n - ch2 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - ch2 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Online Annex 2.2. Healthy Aging\n - Online Annex 2.2. Healthy Aging (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - Online Annex 2.2. Healthy Aging (PDF){rel=\"external\" type=\"application/pdf\"}\n- ch3\n - ch3 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - ch3 (PDF){rel=\"external\" type=\"application/pdf\"}\n- CHAPTER 3 ONLINE ANNEX: JOURNEYS AND JUNCTIONS — SPILLOVERS FROM MIGRATION AND REFUGEE POLICIES\n - CHAPTER 3 ONLINE ANNEX: JOURNEYS AND JUNCTIONS — SPILLOVERS FROM MIGRATION AND REFUGEE POLICIES (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - CHAPTER 3 ONLINE ANNEX: JOURNEYS AND JUNCTIONS — SPILLOVERS FROM MIGRATION AND REFUGEE POLICIES (PDF){rel=\"external\" type=\"application/pdf\"}\n- COMMODITy SPECIAL FEATURE MARKET DEVELOPMENTS AND ThE IMPACT OF AI ON ENERGy DEMAND\n - COMMODITy SPECIAL FEATURE MARKET DEVELOPMENTS AND ThE IMPACT OF AI ON ENERGy DEMAND (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - COMMODITy SPECIAL FEATURE MARKET DEVELOPMENTS AND ThE IMPACT OF AI ON ENERGy DEMAND (PDF){rel=\"external\" type=\"application/pdf\"}\n- EXECUTIVE SUMMARY\n - EXECUTIVE SUMMARY (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - EXECUTIVE SUMMARY (PDF){rel=\"external\" type=\"application/pdf\"}\n- FOREWORD\n - FOREWORD (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - FOREWORD (PDF){rel=\"external\" type=\"application/pdf\"}\n- statsappendix\n - statsappendix (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - statsappendix (PDF){rel=\"external\" type=\"application/pdf\"}\n- tablea\n - tablea (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - tablea (PDF){rel=\"external\" type=\"application/pdf\"}\n- tableb\n - tableb (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - tableb (PDF){rel=\"external\" type=\"application/pdf\"}\n- World Economic Outlook: A Critical Juncture Amid Policy Shifts — April 2025 (selected text)\n - World Economic Outlook: A Critical Juncture Amid Policy Shifts — April 2025 (selected text) (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n - World Economic Outlook: A Critical Juncture Amid Policy Shifts — April 2025 (selected text) (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Previous Issues\n- Database\n- DataMapper\n- transcript\n- Press Conference\n- Blog\n- Database\n- Chapter 1 Data\n- Chapter 2 Data\n- Panel Discussion\n- Chapter 3 Data\n- blog by imf staff\n\nSource: https://www.imf.org/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025" } ], "bullets": [ "[Markdown version](/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/index.md)", "[Structured JSON version](/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/index.json)", "[Bundle manifest](/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/bundle-manifest.json)", "Published: April 22, 2025", "The latest World Economic Outlook reports a slowdown in global growth as downside risks intensify.", "Governments worldwide are reordering policy priorities and uncertainties have climbed to new highs.", "Forecasts for global growth have been revised markedly down compared with the January 2025 World Economic Outlook (WEO) Update, reflecting effective tariff rates at levels not seen in a century and a highly unpredictable environment.", "Global headline inflation is expected to decline at a slightly slower pace than what was expected in January.", "The estimates and projections in the April 2025 WEO Chapter 1 and Statistical Appendix are based on statistical information available through April 14, 2025, but may not reflect the latest published data in all cases.", "Global growth is projected to decline after a period of steady but underwhelming performance, amid policy shifts and new uncertainties.", "Risks to the outlook are tilted to the downside.", "Intensifying downside risks include:", "At this critical juncture, policies need to be calibrated to foster international cooperation while ensuring internal economic stability, thereby helping reduce global imbalances.", "Chapter 2: The Rise of the Silver Economy: Global Implications of Population Aging explores healthy aging and its economic effects.", "Key findings:", "Policy implications and levers:", "Chapter 3: Journeys and Junctions: Spillovers from Migration and Refugee Policies examines how migrant and refugee policies alter flows and outcomes.", "Key points:", "Promote a stable and predictable trade environment and facilitate international cooperation to support a more resilient global economy.", "Calibrate policies to rebalance growth-inflation trade-offs, rebuild buffers, and reinvigorate medium-term growth to reduce both internal and external imbalances.", "Implement policies that promote healthy aging and enhance labor force participation among older individuals and women to stimulate growth and ease fiscal pressures (as discussed in Chapter 2).", "Foster productivity growth by better integrating migrants and refugees and mitigating skill mismatches (as detailed in Chapter 3).", "Address policy gaps and structural imbalances at home while working constructively at the international level to secure internal and external economic stability.", "**CHAPTER 1 GLOBAL PROSPECTS AND POLICIES**", "**ch1**", "**ch1onlineannex — Section 1 and Section 2**", "**ch2**", "**Online Annex 2.2. Healthy Aging**", "**ch3**", "**CHAPTER 3 ONLINE ANNEX: JOURNEYS AND JUNCTIONS — SPILLOVERS FROM MIGRATION AND REFUGEE POLICIES**", "**COMMODITy SPECIAL FEATURE MARKET DEVELOPMENTS AND ThE IMPACT OF AI ON ENERGy DEMAND**", "**EXECUTIVE SUMMARY**", "**FOREWORD**", "**statsappendix**", "**tablea**", "**tableb**", "**World Economic Outlook: A Critical Juncture Amid Policy Shifts — April 2025 (selected text)**", "[Previous Issues](https://www.imf.org/en/Publications/WEO)", "[Database](https://www.imf.org/en/Publications/WEO/weo-database/2025/April)", "[DataMapper](https://www.imf.org/external/datamapper/datasets/WEO)", "[transcript](https://www.imf.org/en/News/Articles/2025/04/22/tr-04222025-weo-press-briefing)", "[Press Conference](https://www.imf.org/en/Videos/view?vid=6371795490112)", "[Blog](https://origin-blogs.imf.org/en/blogs/articles/2025/04/22/the-global-economy-enters-a-new-era)", "[Database](https://www.imf.org/en/publications/weo/weo-database/2025/april)", "[Chapter 1 Data](https://www.imf.org/-/media/files/publications/weo/2025/april/english/data/ch1data.zip)", "[Chapter 2 Data](https://www.imf.org/-/media/files/publications/weo/2025/april/english/data/ch2data.zip)", "[Panel Discussion](https://www.imf.org/en/Videos/view?vid=6371484331112)", "[Chapter 3 Data](https://www.imf.org/-/media/files/publications/weo/2025/april/english/data/ch3data.zip)", "[blog by imf staff](https://origin-blogs.imf.org/en/blogs/articles/2025/04/15/migration-and-refugee-policies-steer-people-and-economies-in-new-directions)" ], "related": [ { "title": "CHAPTER 1 GLOBAL PROSPECTS AND POLICIES", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2024/october/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/weo/2024/october/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2024/october/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "ch1", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/ch1.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/ch1.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/ch1.pdf", "mime": "application/pdf" } }, { "title": "ch1onlineannex — Section 1 and Section 2", "role": "online-annex", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/ch1onlineannex.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/ch1onlineannex.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/ch1onlineannex.pdf", "mime": "application/pdf" } }, { "title": "ch2", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/ch2.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/ch2.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/ch2.pdf", "mime": "application/pdf" } }, { "title": "Online Annex 2.2. Healthy Aging", "role": "online-annex", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/ch2onlineannex.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/ch2onlineannex.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/ch2onlineannex.pdf", "mime": "application/pdf" } }, { "title": "ch3", "role": "chapter", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/ch3.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/ch3.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/ch3.pdf", "mime": "application/pdf" } }, { "title": "CHAPTER 3 ONLINE ANNEX: JOURNEYS AND JUNCTIONS — SPILLOVERS FROM MIGRATION AND REFUGEE POLICIES", "role": "online-annex", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/ch3onlineannex.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/ch3onlineannex.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/ch3onlineannex.pdf", "mime": "application/pdf" } }, { "title": "COMMODITy SPECIAL FEATURE MARKET DEVELOPMENTS AND ThE IMPACT OF AI ON ENERGy DEMAND", "role": "special-feature", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/commodityspecialfeature.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/commodityspecialfeature.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/commodityspecialfeature.pdf", "mime": "application/pdf" } }, { "title": "EXECUTIVE SUMMARY", "role": "executive-summary", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/execsum.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/execsum.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/execsum.pdf", "mime": "application/pdf" } }, { "title": "FOREWORD", "role": "foreword", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/foreword.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/foreword.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/foreword.pdf", "mime": "application/pdf" } }, { "title": "statsappendix", "role": "appendix", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/statsappendix.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/statsappendix.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/statsappendix.pdf", "mime": "application/pdf" } }, { "title": "tablea", "role": "table", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/tablea.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/tablea.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/tablea.pdf", "mime": "application/pdf" } }, { "title": "tableb", "role": "table", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/tableb.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/tableb.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/tableb.pdf", "mime": "application/pdf" } }, { "title": "World Economic Outlook: A Critical Juncture Amid Policy Shifts — April 2025 (selected text)", "role": "full-report", "sourceUrl": "https://www.imf.org/-/media/files/publications/weo/2025/april/english/text.pdf", "summary": { "path": "/-/media/files/publications/weo/2025/april/english/text.pdf.md", "mime": "text/markdown" }, "binary": { "path": "/-/media/files/publications/weo/2025/april/english/text.pdf", "mime": "application/pdf" } } ], "alternates": { "markdown": "/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/index.md", "json": "/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/index.json", "bundleManifest": "/en/publications/weo/issues/2025/04/22/world-economic-outlook-april-2025/bundle-manifest.json" }, "generatedAtUtc": "2026-09-22T03:35:34.916Z" }