The International Monetary Fund (IMF) has revised its 2023 global growth outlook on the back of what it described as a “surprisingly resilient” demand in the US and Europe and the reopening of China’s economy. From the 2.7% growth forecast in October, the IMF said global growth will be 2.9% this year. The figure, however, is still lower from the 3.4% growth in 2022. IMF chief economist Pierre-Olivier Gourinchas said recession risks had subsided and central banks are making progress in controlling inflation. For 2024, the IMF said global growth would accelerate slightly to 3.1%, but this is a tenth of a percentage point below the October forecast. The IMF revised China’s growth outlook sharply higher for 2023, to 5.2% from 4.4% in the October forecast after “zero-Covid” lockdown policies in 2022 slashed China’s growth rate to 3.0%.