Global Economic Outlook Brightens

The Organization of Petroleum Exporting Countries (OPEC) has updated its August report with a more optimistic view on global economic growth. Projecting a 3% increase in global gross domestic product (GDP) for 2025, up by 0.1 percentage points from earlier estimates. The forecast for 2026 remains steady at a 3.1% growth rate.

Regional Growth Projections Adjusted

Adjustments were made to the United States' growth forecast for 2025, now expected at 1.8%, up from 1.7%, while the 2026 outlook stays at 2.1%. The Eurozone's economy is anticipated to grow by 1.2% in both 2025 and 2026. China's economy shows promising signs with a 4.8% growth projection for this year, a 0.2 percentage point increase from last month's estimate, maintaining a 4.5% growth forecast for 2026.

Trade Uncertainties Loom

OPEC highlights potential challenges ahead, stating, "While several trade negotiations have concluded recently, trade relations between the US and key partners remain uncertain. These uncertainties could slightly dampen global trade activities and introduce some inflationary pressures."