NZAC - Global Economic Outlook: June 2024
2024-06-21 05:30:00 ET
Summary
- The real GDP growth forecasts for 2024 have been lowered in a few major economies, including the US, Canada, Brazil and Japan.
- We continue to expect a gradual downward trend in global consumer price index in?ation in 2024-26, driven by a moderation in underlying price pressures.
- Monetary policy easing continues to become more widespread amid the US Federal Reserve's inaction.
The real GDP growth forecasts for 2024 have been lowered in a few major economies, including the US, Canada, Brazil and Japan. The revisions were relatively minor and re?ect surprises and/or revisions to recent activity data, plus idiosyncratic national factors. At the same time, the 2024 real GDP growth forecasts for China, the eurozone, the UK, and Russia were revised upward in the June update, for similar reasons. The net result for global real GDP growth in 2024 is an unchanged 2.7% forecast, albeit after three upward revisions in the four prior months. The 2025 global growth forecast has edged up from 2.7% to 2.8% in the June update, with forecasts for some of the larger countries revised higher, including the US and China, related to policy stimulus. For both years, our global growth forecasts are slightly above market consensus expectations, which have been edging upward in recent months....
Global Economic Outlook: June 2024