The World Bank’s Global Economic Prospects (GEP) report for June 2024 presents a cautiously optimistic outlook for global growth, despite underlying challenges and risks. According to the report, global growth is projected to stabilize at 2.6% this year, holding steady for the first time in three years. This stabilization comes amid geopolitical tensions and high interest rates, with a slight uptick to 2.7% expected in 2025-26 due to modest improvements in trade and investment.
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There are also important developments in the oil markets, but it merits a separate discussion therefore we will discuss those dynamics in the next installment of Monday Macro View – until then….Happy Reading!