The Organization for Economic Co-operation and Development (OECD), located in Paris, has recently revised its global economic forecast, predicting growth of 3.1 percent this year and 3.2 percent in 2025. This upgrade is due to stronger-than-expected growth in both the United States and China.
The OECD noted that despite modest growth, signs of improvement were evident in the global economy. Inflation fell faster than anticipated, and private sector confidence increased. Recovery rates varied among countries, with softer outcomes seen in Europe and low-income countries, while the United States and many large emerging market economies experienced strong growth.
According to the OECD’s projections, the US economy is expected to grow by 2.6 percent this year and 1.8 percent in 2025. China, the world’s second-largest economy, is projected to expand by 4.9 percent in 2024 and 4.5 percent next year. The eurozone is anticipated to see growth of 0.7 percent this year and 1.5 percent in 2025