FLAX - Global Economic Outlook: March 2024
2024-03-16 06:25:00 ET
Summary
- S&P Global Market Intelligence's global growth forecast for 2024 has again been revised upward in March.
- Our forecast of the initial cut in policy rates by the US Federal Reserve has been pushed back to June.
- Even with the tweaks to our monetary policy forecast, we continue to see the fundamentals favoring a depreciating trend for the dollar.
S&P Global Market Intelligence's global growth forecast for 2024 has again been revised upward in March. Annual real GDP growth is now projected at 2.6%, up from 2.3% at the start of the year. The upward revision re?ects somewhat higher forecasts for growth in several countries, including the US, the UK, and India. Our global forecast remains above the market consensus expectation (2.4%) as it has been since the beginning of 2023. Our annual global real GDP growth forecast for 2025 is unchanged at 2.6%. Global real GDP growth on a quarter-over-quarter basis likely reached a trough of 0.4% in the ?nal quarter of 2023, with a pickup to 0.8% forecast by the second half of 2024. Support to activity is expected from two key sources: a boost to household real incomes from lower in?ation and more accommodative ?nancial conditions....
Global Economic Outlook: March 2024