The OECD has upgraded its global economic growth forecast, predicting a 3.2% growth rate next year, with the US economy projected to grow by 2.6% this year and 1.8% next year. China's economy is also expected to grow faster than initially anticipated, with a forecast of 4.9% growth in 2024 and 4.5% in 2025. The Eurozone is set to improve with growth projected to increase from 0.7% this year to 1.5% next year, while Britain's growth outlook has been downgraded.
China's manufacturing activity expanded for the second consecutive month in April, with the official purchasing managers index standing at 50.4, indicating growth. The sub-index for production and new orders increased, while the non-manufacturing PMI came in at 51.2. The country's official composite PMI dropped slightly from the previous month. A private survey also reported a faster pace of expansion in manufacturing, driven by new export orders. However, concerns remain about rising input costs impacting profits and employment levels continuing to decline.
The Eurozone managed to avoid a recession as its GDP growth stabilized in the fourth quarter of 2023, according to preliminary data released by Eurostat. The bloc's GDP grew by 0.5% for both the euro area and the European Union as a whole, preventing a technical recession. However, the growth rate is in contrast to the 3% growth seen in the US, putting pressure on the European Central Bank (ECB) to consider interest rate cuts. Germany and France, the heavyweights of the Eurozone, experienced declines in GDP but managed to avoid a recession.
(Bloomberg) -- ArcelorMittal SA, the worlds biggest steelmaker outside of China, remains positive on the medium to long-term outlook for demand after first-quarter earnings beat estimates. Most Read from Bloomberg US and Saudis Near Defense Pact Meant to Reshape Middle East Jerome Powell Offered Markets a Reprieve. It Vanished in a Blink Tesla Axes Supercharger Team in Blow to Broader EV Market NYPD Arrests Over 300 Protesters in Crackdown on College Campuses The Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an Entire Economy The company kept its forecast for apparent consumption of steel outside of China a key barometer of the world economy unchanged from three months ago. Although overall economic sentiment remains subdued, we expect apparent steel demand ex-China to grow between +3% and +4% this year and are well positioned to benefit from this improvement, Chief Executive Officer Aditya Mittal said in a statement on Thursday. ArcelorMittal said its positioned for a recovery in demand after margins across the steel sector were squeezed last year.
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The Organisation for Economic Co-operation and Development (OECD; French: Organisation de coopération et de développement économiques, OCDE) is an intergovernmental organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members.The majority of OECD Members are high-income economies ranked as "very high" in the Human Development Index, and are regarded as developed countries. Their collective population is 1.38 billion people with an average life expectancy of 80 years and a current median age of 40, against a global average of 30. As of 2017, OECD Member countries collectively comprised 62.2% of global nominal GDP (USD 49.6 trillion) and 42.8% of global GDP (Int$54.2 trillion) at purchasing power parity. The OECD is an official United Nations observer.The OECD's headquarters are at the Château de la Muette in Paris, France, which housed its predecessor organization, the Organization for European Economic Co-operation. The OECD is funded by contributions from Member countries at varying rates and had a total budget of €338.3 million in 2023, and is recognised as a highly influential publisher of mostly economic data through publications as well as annual evaluations and rankings of Member countries.
BEIJING - Some Western politicians allege that China's new energy products impact global economy. However, facts and figures prove such a narrative groundless and false. China's export of new energy products has contributed much to global economic expansion and price equilibrium. China's pivotal role in driving energy transitions, fostering economic growth, and enhancing livelihoods globally cannot be overstated. Against a backdrop of sluggish global growth and heightened inflationary pressures in recent years, Chinese products have stood out for their hallmark attributes of quality, efficiency, and cost-effectiveness.
Over the years, France-China relations have been steadily improving. The announcement that the Chinese leader will pay a state visit to France in early May amid one of the worst strategic crises since the end of World War II is a sign of trust that France and China can, as in other crises in the past, work together to promote global peace. Despite the United States' hostility toward China in recent years, France has upheld its freedom to cooperate with China and called for "European strategic autonomy", which would allow the European Union to avoid being drawn into a US war over the Taiwan question. Negotiations to end the Russia-Ukraine conflict will be high on the agenda of the French and Chinese leaders following the talks held by Li Hui, China's special envoy on Eurasian affairs. No doubt, following German Chancellor Olaf Scholz' successful visit to China, Beijing will try to boost ties with those EU countries that want to boost trade with China.
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