The International Monetary Fund projects global economic growth of 3.0% this year and 3.4% next year, broadly unchanged from its April projection. The 2026 growth rate was revised up by 0.1 percentage point and the 2027 projection increased by 2 percentage points. The outlook for the US is little changed, with 2.3% growth in 2026 unchanged and the 2027 outlook revised up 0.1 percentage point to 2.2%. The forecast assumes the Strait of Hormuz begins reopening in mid-July with conditions normalizing by March 2027, though risks are rising amid heightened Middle East tensions. Global headline inflation is now seen at 4.7% this year, up 0.3 percentage points, and 3.9% in 2027, up 0.2 percentage points, while core inflation is largely unchanged. The IMF lowered the Euro area growth outlook for 2026 by 0.2 percentage points to 0.9% and left the 2027 projection at 1.2%, while China's 2026 growth was adjusted up 0.2 percentage points to 4.6% and 2027 up 0.1 percentage point to 4.1%. The IMF recommends central banks stay focused on price stability and that energy-related fiscal support be unwound as the shock fades.