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IMF nudges up 2023 economic outlook but warns of slowing global growth ahead

14 Sept 02:49 Key points summarised by AI

The IMF slightly upgraded its 2023 global growth forecast to 3%, driven by resilient service sector activity and strong labor markets, particularly in the US.
Despite the upgrade, global growth is projected to slow and remain at 3% through 2024, representing the lowest medium-term forecast since the 1990s, mainly due to weak performance in advanced economies.
The global inflation outlook improved slightly, now forecast at 6.8% for 2023, largely due to subdued inflation in China, though it remains well above pre-pandemic levels.
Emerging market and developing economies, notably India and China, are expected to be the primary engines of global growth, while advanced economies face a significant slowdown, with Germany being the only G7 nation forecast to contract.

Today 14:58 Key points summarised by AI

Thailand's government will launch the "Chainat-Pasak-Gulf" water diversion canal project in fiscal year 2027, a seven-year mega-infrastructure initiative.
This permanent structural solution aims to mitigate recurrent central plains flooding by diverting water from the Chao Phraya River directly into the Gulf of Thailand, significantly reducing flow to major cities like Ayutthaya and Bangkok.
Prime Minister Anutin Charnvirakul justifies the long-term investment as a means to reduce future damages and fiscal burdens, contrasting it with the 40-50 billion baht spent annually on short-term flood relief.
Concurrently, the Prime Minister instructed officials to expand drainage capacity into the Tha Chin River and swiftly remove water hyacinths to improve immediate flood management.