The US Treasury expects prices to decline in most countries of the world during the current year 2024.
US Treasury Secretary Janet Yellen said: “The expectations of the International Monetary Fund and other relevant institutions about a widespread slowdown in the global economy in 2023 have not been met.”
She added: “Instead, economic growth reached 3.1%, which is better than expected, inflation fell, and prices are expected to continue to decline in about 80% of countries this year.”
The US Treasury Secretary said: “In the future, we will continue to take into account the risks facing the global economy and monitor the economic challenges in some individual countries, but the global economy remains stable.”
The US Secretary stressed that “economic growth in the United States was the main factor for higher than expected growth in global economic growth indicators.”
During the last two years, the world has witnessed high levels of inflation, which has affected the economies of most countries, coinciding with a significant increase in poverty rates.
The International Monetary Fund recently predicted that new rises in commodity prices, as a result of geopolitical shocks, tensions in the Red Sea, and supply disruptions could lead to a prolongation of tight monetary conditions.
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