OECD Optimistic on Global Growth; Cautions Germany's Slowdown
May 3, 2024The OECD projects global economic growth to be 3.1% in 2024 and 3.2% in 2025.
The US and China's growth forecasts for 2024 have been raised to 2.6% and 4.9%, respectively.
Germany's growth forecast for 2024 has been cut to just 0.2%, with a slight improvement to 1.1% expected in 2025.
Challenges for Germany's economy include green investment uncertainties and high-interest rates affecting investor confidence.
The OECD suggests measures such as digitalizing administration and reducing bureaucratic hurdles to stimulate investment.
Efficiency in public spending and promotion of green investments are recommended to bolster economic growth.
The Eurozone is expected to grow by 0.7% in 2024 and 1.5% in 2025.
Despite narrowly avoiding a recession with a 0.2% growth, Germany faces economic pressures.
The OECD cautions against geopolitical tensions impacting energy and financial markets but sees overall risks as more balanced.
Summary based on 17 sources
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Sources
Yahoo Finance • May 2, 2024
World Economy Looks to Dodge Stagflation Rut as Outlook Perks UpAl Jazeera • May 2, 2024
OECD lifts global growth outlook as US, China outperform expectationsThe Straits Times • May 2, 2024
World economy looks to dodge stagflation rut as outlook perks upBenzinga • May 2, 2024
World Economy Seeks To Avoid Stagflation As OECD Lifts Global Growth Forecast For 2024