IMF’s Gourinchas: 10% Oil price rise would dampen 2024 global output, boost inflation by about 0.4%

International Monetary Fund chief economist Pierre Gourinchas said on Tuesday, the “IMF research indicates a 10% increase in oil prices would weigh down on global output by about 0.2% in the following year, boost global inflation by about 0.4%.”

Additional takeaways

Inflation remains 'uncomfortably high,' bringing near-term expectations down is critical.

Multilateral cooperation can help reverse headwinds for the global economy; countries should aim to avoid geoeconomic fragmentation.

IMF is monitoring the situation in Israel, Gaza very carefully, too early to assess the economic impact.

We hope for a rapid de-escalation of Israeli-Palestinian conflicts and an end to the violence.