IMF Chief Economist Pierre-Olivier Gourinchas announced that the global battle against inflation is nearly won, with inflation expected to drop from 9.4% in 2022 to 3.5% by 2025.
Speaking at the 2024 IMF/World Bank Annual Meetings, he credited the decline to global economic resilience, unwinding supply-demand shocks, and effective monetary policies.
However, risks remain due to regional conflicts and potential shifts in trade and industrial policies.
Gourinchas urged policymakers to implement a "policy-triple-pivot" focused on easing monetary policy, stabilizing debt, and promoting growth-enhancing reforms to maintain economic momentum.
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