Global real GDP is forecasted to grow by 3.1 percent in 2023, a small improvement from last month’s 2.9 percent projection, which is mainly due to generally upbeat growth data for the third quarter. The expected growth rate for 2023 continues the slowdown from the pandemic-related surge in 2021. We expect further slowing to 2.4 percent in 2024. Economic growth remains under pressure from aggressive monetary policy tightening and still elevated price levels. However, we are nearing the peak in global policy rates and inflation rates are trending lower nearly everywhere in the world. Growth forecasts for 2024 remain generally strongest in emerging Asian economies, and weakest in Europe and the US.