The International Monetary Fund (IMF) released on Tuesday its latest report on the World Economic Outlook. Despite the disruptions caused by the war, “the global economy has slowed, but not stalled.”

The situation in the Middle East could have an impact on the global economy due to possible disruptions in oil production and transportation in the region, according to the IMF.  Still, “it’s really too early to jump to any conclusion here,” stated IMF chief Pierre-Olivier Gourincha, during the press briefing.

The fund kept its forecast for global growth for 2023 at 3% but downgraded it for 2024 to 2,9%. Gourincha painted a more picturesque picture: “The global economy is limping along, not sprinting.”

IMF also revised its forecast for the Euro-zone which is expected to grow by just 0,7% in 2023, down 0,2% from the previous report published in July. The outlook is also reduced for next year as well. “We are expecting a rebound in 2024, but it’s a modest rebound”.

The picture is gloomy for Europe’s biggest economy. Germany is expected to shrink by 0,5% this year and to grow by only 0,9% next year instead of 1,3% as predicted in July, amid “weakness in interest-rate-sensitive sectors and slower trading-partner demand.”