Our Global Economics Chart Pack has been updated with the latest data and our analysis of recent developments.
The latest data suggest that economic activity has continued to improve in the past couple of months after solid growth in Q1. Activity in China looks to have risen strongly in April, and the latest surveys point to a rebound in global industry. But with the outlook for consumer spending in advanced economies still subdued, we haven’t altered our view that global growth will be slightly below trend in 2024. Meanwhile, although services inflation remains elevated in DMs, core inflation has mainly continued to fall. We still expect inflation in DMs to be broadly back at central bank targets around the turn of the year. In anticipation of this, we expect the Bank of England and the Fed to join the ECB in cutting interest rates a couple of months from now.
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