OECD Raises Global Growth Outlook As U.S. Economy Strengthens

The Organization for Economic Cooperation and Development (OECD) has raised its global economic growth outlook, projecting a more positive trajectory for 2024.

Global economic growth is expected to ease slightly from 3.1% in 2023 to 2.9% in 2024.

The improved outlook is attributed to enhanced economic performance in the US, offsetting weaknesses in the eurozone.

Global economic growth is expected to ease slightly from 3.1% in 2023 to 2.9% in 2024, surpassing the previous forecast of 2.7% made in November. The OECD left its 2025 global estimate unchanged at 3.0%, anticipating a boost from major central bank rate cuts as inflation pressures subside.

The US economy is projected to grow by 2.1% in 2024, up from the previous forecast of 1.5%, driven by lower inflation boosting wage growth and triggering interest rate cuts.

China's growth, however, is expected to slow from 5.2% in 2023 to 4.7% in 2024 and 4.2% in 2025, as it contends with challenges in its real estate market and weak consumer confidence.

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