The International Monetary Fund said in its latest World Economic Outlook report that it revised the global real Gross Domestic Product growth for 2023 to 2.8% from 2.9% in January's report, per Reuters.

Additional takeaways

"IMF forecasts 2024 global growth at 3.0% vs 3.1% in January forecast."

"Plausible alternative scenario of more moderate lending pullback would cut growth by 0.3 percentage point from baseline."

"Banking system turmoil appears contained but further tightening of financial conditions would reduce growth."

"Severe tightening of financial conditions sparked by deeper banking system turmoil would slash 2023 global growth by 1.8 percentage points from baseline."

"IMF forecasts 2023 US growth at 1.6% vs 1.4% in January; 2024 growth seen at 1.1%."

"IMF forecasts Germany GDP to contract 0.1%, UK to contract 0.3% in 2023."

"IMF forecasts 2023 Eurozone growth at 0.8% vs 0.7% in January; 2024 output seen at 1.4%."

"IMF forecasts China 2023 growth at 5.2%, 2024 growth at 4.5%, both unchanged from January forecasts."

"IMF says forecasts 2023 Japan growth at 1.3% vs 1.8% in January due to slow Q4 2022 performance."

"Forecasts assume average oil price of $73/barrel in 2023; unclear if latest price of $85/barrel will be sustained."

"Inflation still too elevated compared to central bank targets, monetary policy should focus on bringing it down."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.4% on the day at 102.15.