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Daily Spotlight: Global GDP Growth Forecasts Stable

In Business
June 10, 2024

Summary

The global economy is expected to grow at a consistent, but below-trend, rate for the next several quarters, according to the latest World Economic Outlook from the International Monetary Fund. By the numbers, the world economy is expected to expand 3.2% in 2024 and in 2025. Though solid, these rates are below the long-term historical global growth rate of 3.8%, due to the impact of inflation and higher interest rates. For industrialized economies (the U.S., Europe, Japan, etc.), growth is forecast at a low 1.7% in 2024, followed by 1.8% in 2025. Among the regions, the U.S. economy is expected to grow the fastest this year, at a 2.7% rate, while Japan’s forecast is for 0.9%, and Europe is estimated at 0.8%. For emerging economies (China, India, Russia, Brazil, Saudi Arabia, etc.), growth forecasts call for 4.2% in 2024 and in 2025. The clear leaders are expected to be India and China, with average growth for the two years of 6.6% and 4.4%, respectively. These growth nations have different drivers: population gr

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