- Global growth seen at 2.7% in 2023, 2.9% in 2024 (previously 2.6% and 2.9% respectively)
- US growth seen at 1.6% in 2023, 1.0% in 2024 (previously 1.5% and 0.9% respectively)
- China growth seen at 5.4% in 2023, 5.1% in 2024 (previously 5.3% and 4.9% respectively)
- Eurozone growth seen at 0.9% in 2023, 1.5% in 2024 (previously 0.8% and 1.4% respectively)
- UK growth seen at 0.3% in 2023, 1.0% in 2024 (previously -0.2% and 0.9% respectively)
- Japan growth seen at 1.3% in 2023, 1.1% in 2024 (previously 1.8% and 0.9% respectively)
The Paris-based organisation says that growth conditions had only slightly improved from their previous forecast in March, as the impact of rate hikes by major central banks are going to increasingly put a drag on private investment.
In terms of the rates outlook, they see US interest rates peaking at 5.25% to 5.50% in this quarter (followed by 2 “modest” rate cuts in 2H 2024) with Eurozone rates peaking in Q3 this year (to remain unchanged at 4.25% by end 2024). As for Japan, they see no rate hikes there until the end of 2024 at least.