Page 7 - Policy Economic Report - April 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• Growth in China is projected to slow from 5.2 % in 2023 to 4.6 % in 2024 and 4.1 % in 2025 as
the positive effects of one-off factors––including the post pandemic boost to consumption
and fiscal stimulus ease and weakness in the property sector persists.

• Growth in India is projected to remain strong at 6.8 % in 2024 and 6.5 % in 2025, with the
robustness reflecting continuing strength in domestic demand and a rising working-age
population.

• In Latin America and the Caribbean, growth is projected to decline from an estimated 2.3 %
in 2023 to 2.0 % in 2024 before rising again to 2.5 % in 2025.

• The forecast for global growth for five years is projected at 3.1 % which is at its lowest in
decades.

Figure 2: Global GDP growth projections for 2025 and 2026

Source- IMF Page | 6

APRIL 2025