OECD raises global growth outlook for 2024, sees more Fed rate cuts next year

• 🌎 2024 global growth forecast seen at 3.2% (previously 3.1%)
• 🌎 2025 global growth forecast seen at 3.2% (unchanged)
• 🇺🇸 2024 US growth forecast seen at 2.6% (unchanged)
• 🇺🇸 2025 US growth forecast seen at 1.6% (previously 1.8%)
• 🇨🇳 2024 China growth forecast seen at 4.9% (unchanged)
• 🇨🇳 2025 China growth forecast seen at 4.5% (unchanged)
• 🇯🇵 2024 Japan growth forecast seen at -0.1% (previously 0.5%)
• 🇯🇵 2025 Japan growth forecast seen at 1.4% (previously 1.1%)
• 🇪🇺 2024 Eurozone growth forecast seen at 0.7% (unchanged)
• 🇪🇺2025 Eurozone growth forecast seen at 1.3% (previously 1.5%)
• 🇬🇧 2024 UK growth forecast seen at 1.1% (previously 0.4%)
• 🇬🇧 2025 UK growth forecast seen at 1.2% (previously 1.0%)

On their outlook for central banks, they see the Fed cutting interest rates to 3.50% by the end of next year. Meanwhile, they are expecting the ECB to cut its deposit rate to 2.25% by the end of 2025.

This article was written by Justin Low at www.forexlive.com.