Wells Fargo maintained its global GDP growth projection for 2024 at 2.9%, consistent with its estimate from a month prior.
However, the financial institution reported adjustments within the forecast, including a decrease in the growth prediction for China and an increase for India. The revised forecast for China's GDP is now set at 4.8%, a reduction from previous expectations.
Conversely, the growth outlook for India has been improved, with the bank now anticipating a 7.3% increase in the country's GDP. Additionally, Wells Fargo has slightly lifted its growth projection for the U.K. in 2024 to 1.0%.
The bank's expectations for global monetary policy remain largely unchanged since last month. Wells Fargo predicts that most advanced economy central banks will reduce interest rates gradually, due to persistent inflation concerns.
The report indicates a more immediate monetary easing in Canada, with expectations of an interest rate cut as early as July, influenced by softer economic sentiment and activity, alongside contained inflation.
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