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Skip to contentSkip to site indexSearch & Section NavigationSection Navigation SEARCH Business SUBSCRIBE FOR $1/WEEKLog in Tuesday, April 16, 2024 Today’s Paper SUBSCRIBE FOR $1/WEEK Global Economy * Inflation Cools in Eurozone * Poor Nations’ New Handbook * India’s Economy Under Modi * Europe’s Angry Farmers * Australia’s Luck Runs Out Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT I.M.F. SEES STEADY GROWTH BUT WARNS OF RISING PROTECTIONISM The International Monetary Fund offered an upbeat economic outlook but said that new trade barriers and escalating wars could worsen inflation. * Share full article * * * 7 * Read in app Pierre-Olivier Gourinchas, the International Monetary Fund’s chief economist, said that progress on inflation had stalled since the beginning of the year.Credit...Brendan Smialowski/Agence France-Presse — Getty Images By Alan Rappeport Alan Rappeport covers the Treasury Department and is reporting on the spring meetings of the I.M.F. and World Bank in Washington this week. April 16, 2024Updated 1:34 p.m. ET Sign up for Your Places: Global Update. All the latest news for any part of the world you select. Get it sent to your inbox. The global economy is approaching a soft landing after several years of geopolitical and economic turmoil, the International Monetary Fund said on Tuesday. But it warned that risks remain, including stubborn inflation, the threat of escalating global conflicts and rising protectionism. In its latest World Economic Outlook report, the I.M.F. projected global output to hold steady at 3.2 percent in 2024, unchanged from 2023. Although the pace of the expansion is tepid by historical standards, the I.M.F. said that global economic activity had been surprisingly resilient given that central banks aggressively raised interest rates to tame inflation and wars in Ukraine and the Middle East further disrupt supply chains. The forecasts came as policymakers from around the world began arriving in Washington for the spring meetings of the International Monetary Fund and the World Bank. The outlook is brighter from just a year ago, when the I.M.F. was warning of underlying “turbulence” and a multitude of risks. Although the world economy has proved to be durable over the past year, defying predictions of a recession, there are lingering concerns that price pressures have not been sufficiently contained and that new trade barriers will be erected amid anxiety over a recent surge of cheap Chinese exports. Advertisement SKIP ADVERTISEMENT “Somewhat worryingly, progress toward inflation targets has somewhat stalled since the beginning of the year,” Pierre-Olivier Gourinchas, the I.M.F.’s chief economist, wrote in an essay that accompanied the report. “Oil prices have been rising recently in part due to geopolitical tensions and services inflation remains stubbornly high.” He added: “Further trade restrictions on Chinese exports could also push up goods inflation.” The gathering is taking place at a time of growing tension between the United States and China over a surge of Chinese green energy products, such as electric vehicles, lithium batteries and solar panels, that are flooding global markets. Treasury Secretary Janet L. Yellen returned last week from a trip to China, where she told her counterparts that Beijing’s industrial policy was harming American workers. She warned that the United States could pursue trade restrictions to protect investments in America’s solar and electric vehicle industries. Subscribe to The Times to read as many articles as you like. Alan Rappeport is an economic policy reporter, based in Washington. He covers the Treasury Department and writes about taxes, trade and fiscal matters. More about Alan Rappeport Read 7 Comments * Share full article * * * 7 * Read in app Advertisement SKIP ADVERTISEMENT COMMENTS 7 I.M.F. Sees Steady Growth but Warns of Rising ProtectionismSkip to Comments Share your thoughts. The Times needs your voice. We welcome your on-topic commentary, criticism and expertise. Comments are moderated for civility. SITE INDEX SITE INFORMATION NAVIGATION * © 2024 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Enjoy unlimited access to all of The Times. See subscription options