IMF warns of weakest global growth since 1990 due to banking troubles.

The International Monetary Fund (IMF) has released its weakest global growth expectations for the medium term in more than 30 years, with global growth expected to be around 3% in five years, the lowest medium-term forecast since 1990. The IMF expects global growth of 2.8% this year and 3% in 2024, slightly below the fund's estimates published in January. The weaker growth prospects stem from the progress economies like China and South Korea have made in increasing their living standards, slower global labor force growth, and geopolitical fragmentation. The IMF warns that policymakers may face difficult trade-offs to bring sticky inflation down and maintain growth while also preserving financial stability.