In Euromonitor International’s Q2 2024 baseline forecast, global real GDP growth is expected to reach 2.9% in 2024 (0.2 percentage points higher than in the Q1 2024 estimation) and 3.1% in 2025. In the Q2 2024 baseline forecast, real GDP growth projections for advanced economies were revised upwards to 1.4% in 2024 and 1.7% in 2025Source: Euromonitor International’s Q2 2024 baseline forecastThe upwards revision is mainly due to the considerably improved outlook for the US economy in 2024, as it entered the year on a strong footing. Excluding Argentina (where hyperinflation is expected to accelerate remarkably in 2024), global inflation would be at 4.5% in 2024 and 3.0% in 2025. Geopolitical tensions remain the primary upside risk to global inflation and thus downside risk to economic growth in Q2 2024 and beyond. Learn more about the global economic outlook in Q2 2024 and the impacts of different macroeconomic scenarios in our full report “Global Economic Forecasts: Q2 2024”.