Global Growth Stabilization: The World Bank reports that the global economy is stabilizing for the first time in three years, with a projected growth rate of 2.6% in 2024. However, 80% of the world population will experience slower growth compared to the pre-COVID decade (World Bank).
US Import and Export Prices: The Bureau of Labor Statistics notes that US import prices declined by 0.4% in May, while export prices also decreased by 0.6%. Over the past year, import prices have risen by 1.1% and export prices by 0.6% (BLS.gov).
OECD Economic Outlook: The OECD’s latest economic outlook indicates that global growth remains modest but resilient, with inflation falling faster than expected. Real incomes are beginning to improve, and private sector confidence is rising (OECD).
US GDP Growth Forecasts: S&P Global maintains a global GDP growth forecast of 2.7% for 2024, with upward revisions for China, the eurozone, the UK, and Russia due to policy stimulus. The 2025 forecast has been slightly increased to 2.8% (S&P Global).
US Current-Account Deficit: The Bureau of Economic Analysis reports that the US current-account deficit widened by $15.9 billion to $237.6 billion in Q1 2024, reflecting increased borrowing and trade imbalances (BEA).
Inflation Trends: The IMF highlights that global inflation is moderating, creating a pathway to steady growth. The organization’s outlook projects global growth at 3.1% for 2024, with inflation falling due to unwinding supply-side issues and tight monetary policies (IMF).
Consumer Price Index: The US Consumer Price Index was unchanged in May, with a 3.3% rise over the last 12 months. Food and energy prices showed mixed trends, with notable increases in shelter and medical care costs (BLS.gov).
Top Economies by GDP: Forbes India ranks the world’s largest economies, with India showing a significant annual GDP growth rate of 6.8%. Other top economies include the US, China, Japan, and Germany, each with varying growth rates and economic strengths (Forbes India).
Federal Reserve’s Interest Rates: The Mercatus Center discusses the impact of ongoing Federal Reserve efforts to reduce inflation through higher interest rates, balancing economic growth while avoiding a recession (Mercatus Center).
