Page 6 - Policy Economic Report - April 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Economy in Focus

1. A snapshot of the global economy

Global economic growth

According to IMF’s latest World Economic Outlook Report released in April 2025, the GDP for the world
economy is projected to grow at 3.2 % during 2024 and 2025, at the same pace as in 2023.

The projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8
%, reflecting restrictive monetary policies and withdrawal of fiscal support.

A slight acceleration for advanced economies—where growth is expected to rise from 1.6 % in 2023 to
1.7 % in 2024 and 1.8 % in 2025—will be offset by a modest slowdown in emerging market and developing
economies from 4.3 % in 2023 to 4.2 % in both 2024 and 2025.

• In the United States, growth is projected to increase to 2.7 % in 2024, before slowing to 1.9 %
in 2025, as gradual fiscal tightening and a softening in labor markets slow aggregate demand.

• Growth in the euro area is projected to recover from its low rate of an estimated 0.4% in 2023,
to 0.8% in 2024 and 1.5% in 2025.

• Growth in the United Kingdom is projected to rise from an estimated 0.1 % in 2023 to 0.5 %
in 2024, then to 1.5 % in 2025.

Figure 1: Global GDP growth projections (Real GDP growth, % change)

Source- IMF Page | 5

APRIL 2025