The International Monetary Fund (IMF) said on Wednesday that the world’s 20 largest economies will grow by just 2.9 percent in 2030 amid pressures from uncertainty and protectionist policies, marking the Fund’s weakest medium-term forecast since the 2009 global financial crisis.
In a report to the G20, the IMF outlined a series of challenges facing the global economy, including pressures on public finances and aging populations in advanced economies.
The report stated that the G20 advanced economies (the United States, Britain, Australia, Canada, France, Germany, Italy, Japan, and South Korea) are expected to grow by only 1.4 percent in 2030. The IMF projected that emerging market economies in the G20 (Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, and Turkey) will experience stronger growth of up to 3.9 percent.
The group's output is projected to grow by 3.2 percent in 2025, down from 3.3 percent last year, and to reach 3.0 percent in 2026.
The group's leaders are scheduled to hold a summit in South Africa early next week, which is expected to be boycotted by US President Donald Trump and Chinese President Xi Jinping.
The International Monetary Fund has urged countries to cooperate in reducing trade barriers and mitigating the uncertainty affecting growth prospects, and has called on G20 members to adopt "clear and transparent roadmaps for trade policy."
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