Economic Trends

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Economic trends

In 2024, global economic growth slowed once more versus the year before. Ongoing and new geopolitical conflicts were among the causes. Inflation rates weakened globally compared with 2023. As a result, several central banks, including the European Central Bank (ECB) and US Federal Reserve, lowered their key interest rates to stimulate economic output. According to the International Monetary Fund (IMF), gross domestic product (GDP) rose worldwide by 3.2 percent, falling short of prior-year growth. Despite slowing generally, GDP growth rates were markedly better in emerging markets than in advanced economies. Global economic output, according to the Organisation for Economic Co-operation and Development (OECD), was surprisingly resilient, with the service sector in particular showing signs of an upward trend. High transport costs and decreasing exports, though, impeded growth. In China, the economy was dominated by a real-estate slump in 2024. The OECD likewise reported global growth of 3.2 percent for 2024.