S&P Global Market Intelligence's global growth forecast for 2024 has again been revised upward in March. Annual real GDP growth is now projected at 2.6%, up from 2.3% at the start of the year. The upward revision reflects somewhat higher forecasts for growth in several countries, including the US, the UK, and India. Our global forecast remains above the market consensus expectation (2.4%) as it has been since the beginning of 2023. Our annual global real GDP growth forecast for 2025 is unchanged at 2.6%. Global real GDP growth on a quarter-over-quarter basis likely reached a trough of 0.4% in the final quarter of 2023, with a pickup to 0.8% forecast by the second half of 2024. Support to activity is expected from two key sources: a boost to household real incomes from lower inflation and more accommodative financial conditions.

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