## World Economic Outlook Update, July 2025: Global Economy: Tenuous Resilience amid Persistent Uncertainty

_World Economic Outlook, July 2025_

## Source details

**Canonical URL:** [World Economic Outlook Update, July 2025: Global Economy: Tenuous Resilience amid Persistent Uncertainty](https://www.imf.org/en/publications/weo/issues/2025/07/29/world-economic-outlook-update-july-2025)

## Other formats

- [Markdown version](/en/publications/weo/issues/2025/07/29/world-economic-outlook-update-july-2025/index.md)
- [Structured JSON version](/en/publications/weo/issues/2025/07/29/world-economic-outlook-update-july-2025/index.json)
- [Bundle manifest](/en/publications/weo/issues/2025/07/29/world-economic-outlook-update-july-2025/bundle-manifest.json)

## Bibliographic details
- Published: July 29, 2025

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### Global growth projections and drivers
- Global growth is projected at 3.0 percent for 2025.
- Global growth is projected at 3.1 percent in 2026.
- This is an upward revision from the April 2025 World Economic Outlook.
- Factors supporting the revision:
  - Front-loading ahead of tariffs.
  - Lower effective tariff rates.
  - Better financial conditions.
  - Fiscal expansion in some major jurisdictions.
- Headline framing: "Global growth expected to decelerate as trade-related distortions wane."

### Inflation outlook
- Global inflation is expected to fall.
- US inflation is predicted to stay above target.

### Downside risks and uncertainties
- Key downside risks identified:
  - Potentially higher tariffs.
  - Elevated uncertainty.
  - Geopolitical tensions.

### Policy priorities and implications
- Restoring confidence, predictability, and sustainability remains a key policy priority.

_World Economic Outlook Update, July 2025: Global Economy: Tenuous Resilience amid Persistent Uncertainty_

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## Content in this bundle

- **Dataset overview — WEO Update July 2025**
  - [Dataset overview — WEO Update July 2025 (XLSX)](/-/media/files/publications/weo/2025/update/july/english/data/weo-update-july-2025.xlsx){rel="external" type="application/vnd.openxmlformats-officedocument.spreadsheetml.sheet"}
- **Full Report**
  - [Full Report (Markdown version)](/-/media/files/publications/weo/2025/update/july/english/text.pdf.md){rel="alternate" type="text/markdown"}
  - [Full Report (PDF)](/-/media/files/publications/weo/2025/update/july/english/text.pdf){rel="external" type="application/pdf"}

---

## References

- [Previous Issues](https://www.imf.org/en/Publications/WEO)
- [Press Conference](https://www.imf.org/en/Videos/view?vid=6376294087112)
- [Opening Remarks](https://www.imf.org/en/news/articles/2025/07/29/sp072925-pierre-olivier-gourinchas-opening-remarks-world-economic-outlook-update-july-2025)

_Source: https://www.imf.org/en/publications/weo/issues/2025/07/29/world-economic-outlook-update-july-2025_