Page 6 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Economy in Focus

1. A snapshot of the global economy
Global economic growth

• According to IMF, growth in Asia and the Pacific remained robust in the first half of 2024. The
growth drivers differed in both cases: as in advanced Asia, activity was heavily reliant on exports,
whereas in emerging Asia, both domestic and external demand contributed to growth.

• In advanced Asia excluding Japan, private consumption retreated, reflecting the impact of tight
monetary conditions. Growth received a welcome boost from manufacturing activity and exports,
with strong demand from the United States and emerging markets.

• In Japan, growth in the first half of 2024 disappointed amid domestic supply disruptions, but real
earnings have turned positive, and forward-looking indicators suggest that growth will return to
above potential.

Figure 1: Global growth developments (y-o-y % change)

Source- IMF Page | 5

November 2024