We forecast the global economy to grow by 2.9% in both 2025 and 2026 (previously 2¾% in both years).
Insight
US GDP fell by 0.1% (annualized rate) in the December quarter following quite solid growth in the previous quarter. Underlying trend is modest growth. The quarterly decline reflects a big drop in federal defence spending and slower inventory growth as well as a decline in net exports.
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