Global GDP to grow at 2.4 percent in 2024: Report

The improved projection is driven by the 2.1 percent growth surge anticipated in the U.S.
Global GDP to grow at 2.4 percent in 2024: Report
Global growth for 2025 is expected to increase to 2.5 percent

In its latest report, Fitch Ratings has raised its forecast for global GDP growth in 2024 by 0.3 percentage points to 2.4 percent. This adjustment is based on improved prospects for global growth in the near future. The primary driver behind this revision is an upward adjustment in the growth predictions for the United States, which is now expected to reach 2.1 percent, compared to the previous forecast of 1.2 percent in December.

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However, Fitch has slightly lowered its growth forecast for China to 4.5 percent, down from the earlier projection of 4.6 percent. On a positive note, global growth for 2025 is anticipated to increase to 2.5 percent.

Fitch has also revised its growth projections for emerging markets, excluding China, by 0.1 percentage points to 3.2 percent. This revision reflects increased expectations for countries such as India, Russia, and Brazil.


IMF projections

Meanwhile, the International Monetary Fund (IMF) forecasts that global economic growth will reach 3.1 percent in 2024 and 3.2 percent in 2025. This reflects a 0.2 percentage point upward revision from the IMF’s previous October forecast. The IMF attributes this increased outlook to the resilience demonstrated by the United States, several emerging market economies, and developing economies, as well as the support from China’s public finances.

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