The Organization of Petroleum Exporting Countries (OPEC) announced in its March report on Tuesday that it is revising its 2024 global economic growth projection from 2.7% in February to 2.8%. The organization said the revision is due to expectations of a "steady momentum" in growth trends continuing into 2024 from the end of 2023. The forecast for 2025 remained unchanged at 2.9%.
"The current positive trajectory is supported by the expectation of ongoing general inflation easing throughout 2024 and 2025, especially in major economies. This is anticipated to lead to an increase in real income levels and improved consumer spending ability," OPEC said, adding that major central banks are expected to cut interest rates in the second half of 2024 and in 2025. It also said domestic political and geopolitical developments are not expected to significantly impact the growth momentum.
More to come...
