Nov 16 (Reuters) - Some of the major banks in the world expect global economic growth to slow further in 2024, squeezed by elevated interest rates, higher energy prices and a slowdown in the world's two largest economies. The global economy is forecast to grow 2.9% this year, a Reuters poll showed, with next year's growth seen slowing to 2.6%. Most economists expect the global economy to avoid a recession, but have flagged possibilities of "mild recessions" in Europe and the UK. A soft-landing for the United States is still on the cards, although uncertainty around the Federal Reserve's monetary tightening path clouds the outlook. China's growth is seen weakening, exacerbated by companies seeking alternative cost-efficient production destinations. Following are forecasts from major global banks: Real GDP growth forecasts for 2024 GLOBAL U.S. CHINA EURO UK INDIA AREA 2.60% 2.10% 4.80% 0.90% 0.6% 6.3% Goldman Sachs 2.80% 1.90% 4.20% 0.50% 6.4% Morgan -0.1% Stanley UBS 2.60% 1.10% 4.40% 0.60% 0.6% 6.2% U.S. inflation (annual Federal funds Y/Y for 2024) target rate (Dec '24) Headline CPI Core PCE Goldman Sachs 2.40% 2.60% 5.13% Morgan Stanley 2.10% 2.70% 4.375% UBS 2.70% 2.75% Wells Fargo 2.50% 2.60% 4.75%-5.00% The Fed's main rate currently stands at 5.25%-5.50% S&P 500 US 10-year EUR/USD USD/JPY USD/C target yield NY target Goldman Sachs 4700 4.55% 1.10 150.00 7.15 Morgan Stanley 4500 1 140 7.5 UBS 4600 3.60% 1.15 130 7.15 Wells Fargo 4600-480 1.08-1.1 136-140 0 4.75%-5.2 2 5% As of 0750 GMT on Nov. 16, 2023: S&P 500: 4502.88 US 10-year yield: 4.4941% EUR/USD: 1.084 USD/CNY: 7.255 USD/JPY: 151.38 (Compiled by the Broker Research team in Bengaluru; Editing by Saumyadeb Chakrabarty)
End-of-day quote 23:00:00 25/06/2024 BST | 5-day change | 1st Jan Change | ||
0.0365 USD | -1.59% | -6.44% | -48.75% |
06-06 | Central and East European FX Soften as Stronger Local Economic Data Offers Little Help | MT |
06-06 | ING Says Bank of Canada Rate Cut to Be Followed by More in H2; Comments on The Canadian Dollar | MT |
Stocks mentioned in the article
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5,478 PTS | +0.16% | -0.17% | - | ||
2,794 PTS | -0.33% | +2.50% | - | ||
160.3 JPY | -0.20% | +0.90% | - | ||
96.89 USD | -0.93% | -0.70% | 157B | ||
57.01 USD | -0.33% | -3.45% | 199B | ||
7.266 CNY | +0.00% | +0.09% | - | ||
1.266 USD | +0.31% | -0.02% | - | ||
1.072 USD | +0.40% | +0.12% | - | ||
0.9329 EUR | -0.37% | -0.13% | - | ||
0.7311 USD | +0.26% | +0.05% | - | ||
0.6668 USD | +0.35% | +0.08% | - | ||
0.6107 USD | +0.46% | -0.25% | - | ||
0.0365 USD | -1.59% | -6.44% | - | ||
0.012 USD | +0.13% | 0.00% | - | ||
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