The latest OECD forecast for 2024 shows the reliance of global economic expansion on fast-growing Asian economies.
While world economic growth is set to weaken slightly from 2.9% in 2023 to 2.7% in 2024, India, Indonesia and China are set to outperform other major G20 economies with growth rates close to 5% and above in 2024.
In contrast, the US economy is set to grow by 1.5% in 2024, France by 0.8%, the UK by 0.7% and Germany by 0.6%. The Euro area combined is projected to grow by 0.9% in 2024 according to the OECD.
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- OECD Economic Outlook, November 2023