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The global growth forecast

The IMF report forecasts a growth rate of 3.1 percent for 2024 and 3.2 percent for 2025, with higher resilience in the United States and some major emerging economies, as well as fiscal support in China, slightly raising the 2024 outlook above expectations. However, the growth remains below the historical average of 3.8 percent due to central bank interest rates, diminishing fiscal support, and low productivity growth. Global inflation is projected to decrease to 5.8 percent in 2024 and 4.4 percent in 2025.

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US-ECONOMY 2023 

It exceeded expectations with robust growth driven by strong consumer spending, a stable job market, rising real wages, and historic advancements. Despite initial recession concerns, positive trends emerged in economic growth, investments, job gains, low unemployment, declining inflation, as well as real wage increases and decreasing wage inequality. Successes were also noted in the employment of women and black workers, leading to improved consumer confidence and a positive economic outlook.

East Asia and Pacific 2023

The World Bank predicts sustained growth of 5% in the developing East Asia and Pacific region for 2023, slightly above the average for emerging economies. However, a downturn to 4.5% is anticipated for 2024 due to domestic challenges in China and potential geopolitical tensions. The report emphasizes the region's dynamics, advocates for reforms to secure industrial competitiveness, and highlights the growing role of the services sectors through digitization and reforms.

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