A cargo port in Tokyo, Japan. (Photo: Kyodo/VNA)

In the October update of its World Economic Outlook (WEO), the IMF kept its global growth projection for calendar year 2023 at 3 per cent, unchanged from the July update.

It raised the GDP projections for United States and Japan, but slashed forecasts for the European Union, China, Canada, Italy, Germany, Saudi Arabia and others. India had retained its tag as the fastest growing major economy, as GDP rose by 7.8 per cent, driven largely by robust growth in the services sector, strong consumption and favourable base.