Dublin, June 28, 2024 (GLOBE NEWSWIRE) -- The "Macroeconomic Outlook Report: Global (Q2 2024 Update)" report has been added to ResearchAndMarkets.com's offering.
The global economy is projected to sustain a moderate growth trajectory, with the analyst forecasting a GDP growth rate of 2.47% in 2024
This marks a slight decrease from the 2.62% recorded in 2023, followed by a modest increase to 2.55% projected for 2025. Tight monetary conditions continue to impact the housing and credit markets.
Regionally, the Asia-Pacific region is projected to be the fastest-growing, with a growth rate of 3.65% in 2024 and is expected to contribute around 55% to global growth. This is followed by the Middle East & Africa (2.84%), the Americas (2.04%), and Europe (1.16%).
However, the overall global economic activity remains relatively resilient, bolstered by declining inflation rates and improving private sector confidence. Despite these positive indicators, rising geopolitical tensions are expected to influence economic dynamics, contingent on the outcomes of global events.
Since the beginning of 2022, major economies have initiated a cycle of rate hikes, leading to historically high policy rates across most of them as of May 2024. However, due to easing inflationary pressures, major central banks such as the Federal Reserve and the European Central Bank may begin cutting rates in the second half of 2024. Meanwhile, countries including Brazil, Chile, Mexico, and Switzerland have already started to cut rates in the first half of 2024.
Over the recent six-month period from October 2023 to March 2024, there has been a notable increase in consumer confidence across major economic groupings, including the EU27 nations, G20 countries, and G7 nations. This boost in consumer sentiment is primarily driven by factors such as easing inflationary pressures and a strengthening labor market. In contrast, the business confidence outlook has been more varied, with some regions experiencing slight growth while others witnessing a minor decline.
In the Q2 2024 update, The analyst raised the global real GDP growth forecast for 2024 by 0.41 percentage points from the Q1 2024 update. This upward adjustment is due to increasing consumer confidence and a strengthening labor market in major advanced economies, coupled with strong expected performance in Asia-Pacific countries. Growth projections have been revised upward for all regions, except for the Middle East and Africa (MEA), where ongoing conflicts continue to impede economic progress.
Key Topics Covered:
- Foreword
- Executive summary
- Key developments - global economy
- Geopolitical outlook 2024
- Economic growth projections by region - Q2 2024 update
- Region wise economic outlook 2024
- Economic growth projections for 2024 heat map
- Asia-Pacific region to account for around 55% of global growth in 2024
- Real GDP growth forecast revision - major economies
- Inflation exhibits a declining trend
- Policy rate stays at elevated levels
- Major currencies (LCU per $)
- Energy price exhibits a rising trend in recent months
- Business and consumer sentiment trend
- Global supply chain pressure index rises due to attacks in the Red Sea
- Trade performance remained subdued in 2023
- Global trade to rebound in 2024
- Labor market outlook
- March 2024 Breaks Global Temperature Records
- Economic damage of climate change
- Key macroeconomic indicators outlook
- GDP growth forecast
- Quarterly GDP trend - major economies
- Inflation rate forecast
- Industrial production trend in major economies
- Global tourism revival gaining momentum
- Unemployment trend in major economies
- External trade
- Public finances
- Stock market trends
- Equity, M&A deals and active Jobs
- Global economic outlook
- Appendix
For more information about this report visit https://www.researchandmarkets.com/r/9su6zw
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