The International Monetary Fund (IMF) has adjusted its forecast for the growth of the Belgian economy upwards for this year, but lowered it for next year. This is evident from new forecasts from the international institution.
In April, the IMF assumed Belgian GDP growth of 0.7 percent this year, 1.1 percent in 2024 and 1.2 percent in 2025. This has been adjusted in the new forecasts to 1 percent, 0.9 percent and 1.2 percent. The IMF is therefore less optimistic than the National Bank, which expects 1.4 percent growth this year and 1.3 percent next year.
Global economic growth is expected to reach 3 percent this year and 2.9 percent next year. “The global economy continues to recover from the pandemic and the war in Ukraine, but growth remains weak by historical standards. We also see increasing differences,” IMF chief economist Pierre-Olivier Gourinchas explained.
The IMF expects a contraction (-0.5 percent) of the German economy, while France (+1 percent), Italy (+0.7 percent) and the United Kingdom (+0.5 percent) would hold up. The US economy is expected to grow by 2.1 percent this year. Growth in China would slow down due to a real estate crisis: +5 percent this year and +4.2 percent next year.
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