World Bank boosts 2024 global GDP growth forecast to 2.6% from 2.4%

June 11, 2024 3:31 pm

  • January forecast was +2.4%
  • US growth seen at 2.5% vs 1.6% in Jan
  • China seen at 4.8% vs 4.5%
  • India seen at 6.6% vs 6.4% prior
  • Sees 2.7% global growth in 2025 and 2026
  • World Banks says that if interest rates stay higher for longer, then global growth could be 2.4% next year
  • Full report

This is all about the US, with the upgrade there accounting for 80% of the global improvement. I don’t think any of this is a surprise to markets but it’s a good reminder of what’s changed since January and why the US dollar has been strong this year.

“The world
economy, in short, appears to be in final
approach for a soft landing,” the report says. That sounds like a bit of a jinx.

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