Global growth is expected to rise from 2.9% this year to 2.7% in 2024
The global economy will experience a slight slowdown in 2024, but the risk of a hard landing has diminished despite high debt levels and uncertainty over interest rates, the Organization for Economic Co-operation and Development (29) said on Wednesday. OECD).
Global growth is expected to rise from 2.9% this year to 2.7% in 2024, before rising in 2025 to 3%, the OECD said in its Economic Outlook report.
The growth of the advanced economies that make up the 38 members of the OECD is heading towards a soft landing, with United States holding up better than expected until now.
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The OECD predicted US growth would slow from 2.4% this year to 1.5% next, revising its September estimates when it projected increases of 2.2% in 2023 and 1.3% in 2024.
Although the risk of a forced landing in the United States and in other countries have decreased, the OECD said that the risk of recession is not ruled out due to weakness in real estate markets, high oil prices and slow lending.
China’s economy is also expected to slow as the country deals with a real estate bubble which is emptying out and consumers are saving more in the face of greater uncertainty about the outlook.
The OECD forecast is for China’s growth to slow from 5.2% this year to 4.7% in 2024 – both slightly higher than expected in September – before slowing further in 2025 to 4.2%.
In the euro zone, growth is expected to accelerate from 0.6% this year to 0.9% in 2024 and 1.1% in 2025, as Germany – the region’s largest economy – came out of a recession this year.
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The OECD predicted US growth would slow from 2.4% this year to 1.5% next, revising its September estimates when it projected increases of 2.2% in 2023 and 1.3% in 2024.
Although the risk of a forced landing in the United States and in other countries have decreased, the OECD said that the risk of recession is not ruled out due to weakness in real estate markets, high oil prices and slow lending.
China’s economy is also expected to slow as the country deals with a real estate bubble which is emptying out and consumers are saving more in the face of greater uncertainty about the outlook.
The OECD forecast is for China’s growth to slow from 5.2% this year to 4.7% in 2024 – both slightly higher than expected in September – before slowing further in 2025 to 4.2%.
In the euro zone, growth is expected to accelerate from 0.6% this year to 0.9% in 2024 and 1.1% in 2025, as Germany – the region’s largest economy – came out of a recession this year.
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