Global Macroeconomic Outlook – Q1 2024 Update
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Global Macroeconomic Outlook Report Overview
GlobalData’s Q1 2024 revision resulted in a 0.08 percentage point uptick in the global real GDP growth forecast for 2024, compared to the Q4 2023 update. This positive adjustment is attributed to the steady rise in consumer confidence in major advanced economies and the expected robust performance of emerging economies in Asia-Pacific.
Industrial Production Annual Growth of India (%) – Jan 2022 To Oct 2023
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The Global Macroeconomic Outlook Q1 2024 Update Report analyzes and forecasts the key developments in the global economy. The report also provides a complete overview of the economy that will help to understand market dynamics, business potential, and direction of operations.
GDP Growth (Q1 2024) | 0.08 Percentage Point |
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Key Developments – Global Economy
In 2024, robust real GDP growth in the Asia-Pacific region is poised to be the primary catalyst for global economic expansion. GlobalData’s Q1 2024 projections indicate that the Asia-Pacific is anticipated to contribute more than 60% to the overall global growth. The major contributing countries in APAC are India and China. In addition, GlobalData’s Q1 2024 projections indicate that in 2024, the Americas region is projected to account for more than 15% of global economic growth, followed by Europe the Middle East, and Africa.
However, climate change is taking a toll on the global economy and development. For instance, over the past two decades, extreme weather events globally have incurred an estimated cost of more than $2 trillion, and by 2050 the cost is expected to rise significantly. Enivormetalists and top scientists, including Carlo Buontempo, director of Copernicus Climate Change Service have warned that 2024 is poised to be another record-breaking year for global temperatures owing to rising emissions and the impact of El Nino.
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Key Macroeconomic Indicators Outlook
The APAC region is poised to witness the highest growth rate globally, with an anticipated real GDP growth of more than 3% in 2024. Key economies in the region, such as Vietnam, India, the Philippines, and Indonesia are expected to achieve significant growth rates this year. However, the Americas is expected to experience a deceleration in 2024 owing to the slowdown the in US economy as the policy rate of the Federal Reserve has been historically high that impacted the business sentiment.
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Inflation Rate Forecast
Inflation pressure is projected to ease in 2024 as major economies are experiencing a downward trend in inflation rates. This is attributed to the effects of monetary tightening and reduced energy costs. For instance, the annual US inflation rate rose to 3.4% in December 2023 owing to a slower decline in energy prices and a softer price growth in food, shelter, and new vehicles. As per GlobalData forecasts for 2024, the inflation rate in the US is projected to decline to less than 3% in 2024.
Headline Inflation (%) – Nov 2020 To Nov 2023
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Global Economic Outlook
The global economy is projected to experience growth in 2024, as the probability of a global recession has diminished. Factors such as prompt recovery investments from the government and reinforcement of effective fiscal policies will accelerate the growth rate globally. However, new challenges arise, particularly in the shape of increasing geopolitical tensions that pose a threat to the fragile recovery.
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Key Highlights
GlobalData in its Q1 2024 update, projects a continuation of the global economic slowdown for the third consecutive year, with an anticipated growth rate of 2.1% in 2024, compared to an estimated 2.4% growth recorded in 2023. The report underscores the intricate interplay of economic factors and geopolitical events shaping the trajectory of the world economy, necessitating strategic considerations for businesses and policymakers alike.
Reasons to Buy
- GlobalData’s Global Macroeconomic Outlook Report identifies, analyzes, and forecasts key developments in the global economy.
- The report provides a 360-degree view of the economy that can be used as a strategic tool to understand market dynamics, business potential, and direction of operations.
Table of Contents
Frequently asked questions
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What is the percentage increase in the global real GDP growth forecast in 2023, compared to the Q4 2023 update?
GlobalData’s Q1 2024 revision resulted in a 0.08 percentage point uptick in the global real GDP growth forecast for 2024, compared to the Q4 2023 update.
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Which countries in APAC are expected to achieve a high growth rate in 2024?
Vietnam, India, the Philippines, and Indonesia are expected to achieve a significant growth rate in 2024.
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Which region is expected to experience the highest growth rate in 2024?
The Asia-Pacific region is expected to experience the highest growth rate worldwide in 2024.
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