The latest quarterly update from the IMF on the outlook for the world economy published last week saw little change to its forecasts from those issued in January and last October. The global economy is expected to grow by 2.8% this year and 3.0% in 2024, after expanding by 3.4% in 2022. The stabilisation in forecasts over the past six months is welcome as there had been fears towards the end of last year that many advanced economies could be hit by a recession in early 2023.