The global economy is struggling again. However, many economists are optimistic about its short- and medium-term prospects. The European Commission (EC) has raised its outlook for global GDP growth in 2024 to 3.2%.
The EC's previous forecast, which was published in the autumn of 2023, suggested a 2.9% expansion. Thus, the global GDP growth outlook was upwardly revised by 0.3 percentage points.
According to the European Commission, in 2024, the growth of global trade volumes will be supported by exports from European countries. Analysts expect the eurozone GDP to rise by 0.8%, a figure anticipated by the end of this year.
However, the EC also warned of risks that could slow down global economic growth in the medium term. The main ones are tense geopolitical situations in the Middle East and Eastern Europe.
Earlier, analysts from the Organization for Economic Cooperation and Development (OECD) presented a similar outlook for the global economy in 2024. They estimated that the global GDP would increase by 3.1% by the end of December. As for the growth rate of the Russian economy, it is expected to be slightly lower, at 2.6%. Analysts predict similar economic growth rates in the United States.
