THE International Monetary Fund (IMF) has projected that global growth will fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. And the IMF has advised countries that among the many policy priorities; central banks in economies with elevated and persistent core inflation should continue to clearly signal their commitment to reducing inflation. In its World Economic Outlook Update dated July 2023, IMF said the rise in central bank policy rates to fight inflation continues to weigh on economic activity. “Global growth is projected to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. While the forecast for 2023 is modestly higher than predicted in the April…...

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