The global economy achieved moderate growth in 2024, dampened by geopolitical tensions, high energy prices and rising interest rates – particularly in the eurozone. Inflation eased gradually in most regions, while productivity and structural reform remained sluggish. According to the January 2025 World Economic Outlook Update (WEO Update) published by the International Monetary Fund (IMF), the global economy grew by 3.2% in fiscal 2024, which slightly exceeded the IMF’s forecast of 3.1% growth from January 2024.
According to statistical office Eurostat, gross domestic product (GDP) in the eurozone rose by 0.7% year-on-year in 2024. For France and Italy, the IMF recorded growth rates of 1.1% and 0.6%, respectively, while Spain’s economy grew by 3.1%. Conversely, GDP in Germany fell by 0.2% according to the Federal Statistical Office. The United Kingdom achieved growth of 0.9% according to the IMF, thus slightly outperforming the eurozone.
In North America, the USA posted GDP growth of 2.3% in 2024, according to the Bureau of Economic Analysis. For Canada and Mexico, the IMF recorded GDP growth of 1.3% and 1.8%, respectively. Other countries in the Americas also saw continued economic recovery in 2024. For Brazil, for example, the IMF estimated GDP growth of 3.7%.
Asian countries also recorded a continued economic revival in the year under review, according to the IMF. Significant growth was achieved in 2024 by India’s economy, with GDP growth of 6.5%, by China, with growth of 4.8%, and by the Association of Southeast Asian Nations (ASEAN), with GDP growth of 4.5%. According to the IMF, a negative growth rate was reported for Japan, with a 0.2% decline in GDP.
