The projections remain below the historical (2000–19) average of 3.8%, and the forecast for 2024 is down by 0.1 percentage point from the July 2023 Update to the World Economic Outlook, the IMF said Tuesday.

The global recovery from the COVID-19 pandemic and the war in Ukraine remains slow and uneven, the financial institution pointed out in its World Economic Outlook, published on the occasion of the Annual meetings of the IMF and the World Bank held in Marrakech.

"Despite economic resilience earlier this year, with a reopening rebound and progress in reducing inflation from last year’s peaks, it is too soon to take comfort," the Washington-based institution stressed.

Economic activity still falls short of its prepandemic path, especially in emerging market and developing economies, and there are widening divergences among regions.

Several forces are holding back the recovery, it said, adding that some reflect the long-term consequences of the pandemic, the war in Ukraine, and increasing geoeconomic fragmentation.

"Others are more cyclical in nature, including the effects of monetary policy tightening necessary to reduce inflation, withdrawal of fiscal support amid high debt, and extreme weather events," the IMF underlined.

Global inflation is forecast to decline steadily, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024, the financial institution said.

The forecasts for 2023 and 2024 are revised up by 0.1% and 0.6%, respectively, and inflation is not expected to return to target until 2025 in most cases, the IMF pointed out.