The OECD has improved its economic forecast for 2024.

The Organization for Economic Co-operation and Development (OECD) has improved its 2024 global economic growth forecast to 2.9% from the 2.7% it anticipated in November. The GDP growth forecast for 2025 is left at 3%.

The OECD raised its forecast for US GDP growth in 2024 to 2.1% from 1.5%, noting that a strong labor market and consumer spending will support the US economy. The forecast for 2025 is left at 1.7%.

The eurozone economy will grow by 0.6% in 2024 and by 1.3% in 2025. The region’s GDP is expected to increase by 0.9% and 1.5%, respectively. The report noted that tight credit conditions will likely limit economic activity in the eurozone in the near term.

UK GDP growth forecasts for this and next year are at 0.7% and 1.2%, respectively.

According to the forecast, inflation in the G20 will be 6.6% in 2024 (the previous estimate was 5.8%) and 3.8% in 2025.