Page 6 - Policy Economic Report - October 2024
P. 6
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Economy in Focus
1. A snapshot of the global economy
Global economic growth
• According to IMF, the global economy has remained resilient throughout the disinflationary
process, avoiding a global recession. Growth is projected to hold steady at 3.2 percent in 2024
and 2025, even though low-income developing countries have seen sizable downside growth
revisions, as a result of increased regional conflicts.
• Global growth is expected to remain broadly flat— decelerating from 3.3 percent in 2023 to 3.1
percent by 2029, growth in advanced economies markedly slowed in 2023 and is projected to
remain steady, oscillating between 1.7 and 1.8 percent until 2029.
o In the United States, projected growth for 2024 has been revised upward to 2.8 percent, on
account of stronger outturns in consumption and nonresidential investment. Growth is
anticipated to slow to 2.2 percent in 2025 as fiscal policy is gradually tightened and a cooling
labor market slows consumption.
o In the euro area, GDP growth is expected to pick up to a modest 0.8 percent in 2024 as a result
of better export performance of goods. In 2025, growth is projected to rise further to 1.2
percent, helped by stronger domestic demand.
Figure 1: Global growth projections (real GDP growth, % change)
Source- IMF Page | 5
October 2024
