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OECD Raises 2024 Global Econ Growth Forecast to 3.1%; CN Econ Expected to Grow 4.9%
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The Organisation for Economic Co-operation and Development (OECD) said the global economy is growing faster than expected a few months ago due to the resilience of economic activity in the US. The Organisation has therefore raised its forecast for global growth this year from 2.9% to 3.1%, and for next year from 3% to 3.2%. Inflation has fallen faster than expected, laying the groundwork for major central banks to start cutting interest rates in 2H24 and boosting consumer incomes, the OECD said. The OECD raised its forecast for US economic growth this year to 2.6% from 2.1%, and next year to 1.8% from 1.7%. China's growth forecasts for 2024 are lifted from 4.7% to 4.9%, while that for 2025 is elevated from 4.2% to 4.5%, reflecting the country's fiscal stimulus policies. In the Eurozone, growth forecasts for this year and next have been revised upwards to 0.7% and 1.5% respectively, as lower inflation boosted household purchasing power and paved the way for interest rate cuts. The UK is one of the few countries whose forecast has been lowered. OECD has lowered its forecast for UK economic growth this year from 0.7% to 0.4%, and expected the growth to accelerate to 1% (down from the original forecast of 1.2%) next year as interest rates start to fall from 3Q24. On the other hand, the OECD lowered its growth forecast for Japan from 1% to 0.5% this year and raised its forecast for next year from 1% to 1.1%. AAStocks Financial News |
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