Global Economic Outlook—Autumn 2024
With unemployment continuing to rise and slumping global demand, Canadian companies are facing new potential risks. EDC’s Global Economic Outlook provides insights, including overviews of key countries, to help you make better business decisions.
The global economy appears to be stabilizing and aligning for a steady approach. While the world’s major economies managed to avoid the crash many had anticipated, this next phase won’t come without turbulence.
EDC Economics forecasts global growth of 3.2% in 2024, climbing slightly to 3.3% in 2025. We expect the Canadian economy to grow by just 1.1% this year, ascending to 1.6% next year. Growth is constrained by high consumer debt and a weakening labour market, which hasn’t kept pace with new labour force entrants.
We anticipate U.S. growth of 2.5% in 2024, descending to 1.8% the following year. The outcome of the November presidential election could lead us to adjust our 2025 forecast further.
The Euro Area’s growth outlook is moderate, at just 0.8% in 2024 and 1.4% in 2025. China’s economy continues to face challenges, with growth projected at 4.8% this year, spiralling down to 4.5% in 2025.
Our autumn Global Economic Outlook report is a must-read, packed with valuable information and insights on the world’s key economies, interest rates, commodity prices and exchange rates.
Geopolitical economic impacts
Key economic indicators will show how geopolitical tensions, as well as supply chain issues, have impacted the global economy and the outlook for 2024 and beyond.
Interest and exchange rates
Take a look at key interest and exchange rates for Canada, Europe and the United States.
Commodity prices
Find out how commodities, like oil, natural gas, copper and gold, are performing globally.
Continue reading the Global Economic Outlook for more key insights.
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