The Organization of Petroleum Exporting Countries (OPEC) has released its 2024 World Oil Outlook, forecasting an average global GDP growth of 2.9% from 2023 to 2050.
Among members of the Organisation for Economic Co-operation and Development (OECD), the Americas are expected to experience the highest long-term growth rate at 2%. This growth is anticipated to be supported by immigration, which will help expand the working-age population. Additionally, advancements in artificial intelligence (AI) are likely to enhance labor productivity. In contrast, OECD Europe is projected to face a slowdown, with GDP growth averaging only 1.3% during the same period.
Non-OECD economies are predicted to grow more robustly at an average rate of 3.7%. Specifically, the Indian economy is expected to grow by an impressive 5.9% annually, while the Chinese economy is forecasted to expand by 3.4%.
In the medium term, the global economy is set to grow at a rate of 3.1% per year until 2029. Within this timeframe, OECD GDP is expected to increase by 1.7%, while non-OECD economies are projected to expand by 4.1%.
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