The IMF has raised its 2023 global growth outlook slightly due to “surprisingly resilient” demand in the United States and Europe and the reopening of China’s economy after Beijing abandoned its strict zero-COVID strategy. The global growth would accelerate slightly to 3.1% for 2024, according to the IMF.

In its 2023 GDP forecasts, the IMF said it now expected GDP growth in the US of 1.4%, up from the 1% predicted in October. The United Kingdom was the only major advanced economy the IMF predicted to be in recession this year. It forecast the British economy to shrink 0.6% this year.

The IMF revised China’s growth outlook sharply higher for 2023, to 5.2% from 4.4% in the October forecast after its ‘zero-COVID’ strategy held back the economy.