Allianz Trade’s Mid-year Economic Outlook 2024-25 predicts global GDP growth of +2.8% in 2024 and 2025, with growth slowing to +1.7% in the US and reaching potential in the Eurozone at +1.4% in 2025. China will also continue to manage its growth slowdown (+4.3% in 2025). However, risks remain tilted to the downside, given heightened uncertainty in a super-election year and ongoing global conflicts. Allianz Trade cautions that its downside scenario (fiscal slippage & rising geopolitical risks) would mean -1.5pp lower global growth and +1pp higher inflation, which would keep interest rates higher for longer. To read Allianz Trade’s news release, with a link to a presentation, go to https://www.allianz-trade.com/en_global/news-insights/economic-insights/Mid-year-Economic-Outlook-2024-25.html.