Page 7 - Policy Economic Report - September 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Economy in Focus

1. A snapshot of the global economy

Global economic growth

• According to Organization for Economic Cooperation and Development (OECD) latest Economic
Outlook published in September 2024, the global economy remained resilient in the first half of
2024, with output growing at an estimated annualized rate of 3.2%.

• The global growth is expected to stabilize over the projection period at 3.2% in both 2024 and
2025, broadly in line with the average pace observed through the first half of this year.

• Annual GDP growth in the United States is projected to slow but supported by monetary policy
easing, with growth projected to be 2.6% in 2024 and 1.6% in 2025. Euro area GDP growth is
projected to be 0.7% in 2024 and 1.3% in 2025, with activity supported by a recovery in real
incomes and an improvement in credit availability. Growth in China is expected to ease to 4.9% in
2024 and 4.5% in 2025, with additional policy stimulus offset by subdued consumer demand.

Figure 1: Real GDP projected Growth rates for 2024(green color) and 2025 (blue color)

Source- OECD Page | 6

September 2024