Page 8 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

• The latest expansion continued to be driven by the service sector. Although manufacturing growth
accelerated globally to a five-month high, its expansion was only very modest. Growth in the
goods producing sector was underpinned by emerging market expansions.

• By region, the US saw the strongest expansion of the major developed markets for a seventh
straight month, with growth reaching the fastest since April 2022 as a surge in services activity
offset a fall in factory output. Growth also revived in Canada.

• In contrast, eurozone output fell at the sharpest rate for ten months as a deepening factory
downturn spread to services. The UK meanwhile joined Australia and Japan in reporting largely
stalled growth.

• India once again led growth among the four BRIC 'emerging' economies by a wide margin, as has
been the case since July 2022, but growth perked up to a five-month high in mainland China,
fueled by government stimulus and rising export shipments.

Figure 3: Global economic growth and PMI

Source- S&P Global

2. In 2024, remittance flows to low- and middle-income countries are expected to reach $685 billion,
larger than FDI and ODA combined

• According to World Bank, officially recorded remittances to low- and middle-income countries
(LMICs) are expected to reach $685 billion in 2024. The growth rate of remittances in 2024 is
estimated to be 5.8 percent, significantly higher than 1.2 percent registered in 2023.

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