ISTANBUL 

The International Monetary Fund (IMF) has raised its gross domestic product (GDP) growth forecast for the world economy from 2.8% to 3% for 2023, it revealed on Tuesday.

The fund has kept its forecast at 3% for 2024, the report, named World Economic Outlook, showed.

The IMF expected that the US economy will grow by 1.5% this year, up 0.2 percentage points (pp) from the previous expectation, while 1.4% in 2024.

Expectations for the euro area were at 1.8% (up 0.2 pp) and 1% (down 0.1 pp).

Among major eurozone economies, Germany is expected post a decline in the GDP growth, minus 0.3% in 2023.

The IMF's expectation for the emerging market and developing economies were 4% (up 0.1 pp) for 2023 and 4.1% (down 0.1 pp) for 2024.

The fund warned that despite positive forecasts, there are some downward risks, including inflation, increasing debt distress and underperforming recovery in China.