india and china will account for half of the global economic growth in 2023 versus just a tenth for the us and euro area combined said the international monetary fund in its latest update to the biannual world economic outlook the multilateral agency retained its growth forecast for asias thirdlargest economy for 202324 fy24the imf on tuesday released the january update of its world economic outlook according to which the global growth is projected to fall from an estimated 34 percent in 2022 to 29 percent in 2023 then rise to 31 percent in 2024leading the growth charge in 2023 india continues to be seen growing over 6 this year and next while the upward revision of china by 08 percentage point sets it on track for growth above 5 this yearif we look at both china and india together they account for about 50 of world growth in 2023 so a very significant contribution said pierreolivier gourinchas chief economist and director of the research department at the imfindia remains a bright spot together with china it will account for half of global growth this year versus just a tenth for the us and euro area combined global inflation is expected to decline this year but even by 2024 projected average annual headline and core inflation will still be above prepandemic levels in more than 80 percent of countriessaid gourinchasthe imf said global inflation is expected to decline in 2023 but even by 2024 projected average annual headline and core inflation would still be above prepandemic levels in more than 80 per cent of countriesgrowth in india is set to decline from 68 per cent in 2022 fy23 to 61 per cent in 2023 fy24 before picking up to 68 per cent in 2024 fy25 the global lender said while citing resilient domestic demand despite external headwindsthe washingtonbased multilateral lender raised its global growth forecast for 2023 by 20 basis points to 29 per cent holding that the balance of risks remained tilted to the downside but adverse risks had moderated since its october 2022 report while the imf made a marginal upward revision to its global growth forecast for 2023 it retained its projection for india for 202223 and 202324 at 61 percent and 68 per cent respectively and termed india as a bright spotour growth projections actually for india are unchanged from our october outlook we have 68 percent growth for this current fiscal year which runs until march and then were expecting some slowdown to 61 percent in fiscal year 2023 and that is largely driven by external factors pierreolivier gourinchas chief economist and director research department of the imf told reporters in washingtonthe global economy is poised to slow this year before rebounding next year growth will remain weak by historical standards as the fight against inflation and russias war in ukraine weigh on activity said pierreolivier gourinchas economic counsellor and the director of research of the imfdespite headwinds the outlook is less gloomy than