The International Monetary Fund's latest World Economic Outlook data indicates that global real GDP growth held steady at 3.4 percent in 2024, matching the 2023 rate of 3.3 percent, with the IMF projecting a continued 3.4 percent pace for 2025 before a slight moderation to 3.1 percent in 2026. These figures, drawn from the IMF's Data Mapper platform, reflect a global economy navigating divergent trajectories among major economies and regions.
According to the World Bank's Open Data portal, global GDP in current US dollars reached approximately 10.98 trillion in 2024, up from 06.74 trillion in 2023 and 02.25 trillion in 2022. Global GDP per capita stood at 3,631 in 2024, compared to 3,237 in the prior year, indicating modest but continued gains in average income levels worldwide.
Among advanced economies, the IMF data shows the United States recorded real GDP growth of 2.8 percent in 2024, slightly below the 2.9 percent expansion posted in 2023. The IMF projects US growth will moderate to 2.1 percent in 2025 before edging up to 2.3 percent in 2026. The European Union as a whole grew 1.2 percent in 2024, recovering from just 0.6 percent in 2023, with a projected acceleration to 1.6 percent in 2025 and 1.3 percent in 2026.
Germany, the EU's largest economy, remained in contraction territory with real GDP falling 0.5 percent in 2024 following a 0.9 percent decline in 2023. The IMF projects Germany will return to marginal growth of 0.2 percent in 2025 and 0.8 percent in 2026. France grew 1.1 percent in 2024, down from 1.6 percent in 2023, with further moderation expected. The United Kingdom expanded 1.1 percent in 2024, a recovery from near-stagnant 0.3 percent growth in 2023, with the IMF forecasting 1.3 percent growth in 2025.
Japan's economy contracted by 0.2 percent in 2024 after growing 0.7 percent in 2023, though the IMF projects a rebound to 1.2 percent in 2025. Advanced economies as a group grew 1.8 percent in 2024, slightly above the 1.7 percent recorded in 2023, with the IMF projecting stable growth around 1.8-1.9 percent through 2026.
Among major emerging economies, India remained a standout performer with real GDP growth of 7.1 percent in 2024, marginally below the 7.2 percent posted in 2023. The IMF projects India will accelerate to 7.6 percent growth in 2025 before easing to 6.5 percent in 2026. China's economy grew 5.0 percent in 2024, down from 5.4 percent in 2023, with the IMF projecting a steady 5.0 percent in 2025 and 4.4 percent in 2026. Brazil expanded 3.4 percent in 2024, up from 3.2 percent in 2023, though growth is expected to slow to 2.3 percent in 2025.
The World Bank's poverty data shows that the global extreme poverty rate — measured at .15 per day — stood at 10.4 percent in 2024, continuing a gradual downward trend from 10.6 percent in 2023 and 10.9 percent in 2022. However, the pace of poverty reduction has slowed considerably compared to pre-pandemic trends, reflecting the challenging global economic environment.
These data points underscore a world economy characterized by persistent but uneven growth, with advanced economies stabilizing at modest expansion rates while major emerging economies continue to drive the bulk of global output increases, albeit with signs of deceleration in some key markets.
Sources: imf.org/worldbank.org
