Global Scans · Decent Work and Growth · Weekly Summary

---

In September 2015, 193 world leaders agreed to 17 Global Goals for Sustainable Development. If these Goals are completed, it would mean an end to extreme poverty, inequality and climate change by 2030.
Goal 9: Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation.

• An expansion in real wages and uptick in population growth will support private consumption in 2024, boosting Iceland's economic growth. Fitch Solutions
• APAC is expected to witness highest growth over the forecast period due to growing industrialization and urbanization in developing economies like China and India. Research and Markets
• Financial markets anticipate several decreases in interest rates in the U.S. and around the world in 2025, which would slow a headwind for global growth. CottonWorks
• The growth of established international coffee chains in emerging markets is nothing new, but one home-grown operator was already proving that branded coffee culture could succeed in India nearly 30 years ago. World Coffee Portal
• Growth in the price of shelter services is projected to remain above its long-run trend in 2026 and 2027 because of a weaker-than-expected decline in the growth of home prices. Congressional Budget Office
• Growth of total factor productivity in the nonfarm business sector is now projected to be faster over the 2028-2033 period than previously projected. Congressional Budget Office
• Growth in the PCE category of shelter services will slow throughout 2024 because of slower growth in the price of new rental agreements. Congressional Budget Office
• Real compensation per hour in the nonfarm business sector - a useful gauge of longer-term trends in labour costs - is projected to grow at an average rate of 2.0% a year over the 2028-2034 period, close to the projected average growth of labour productivity in that sector. Congressional Budget Office
• The growth of nonfarm payroll employment is projected to slacken in 2024 as the slowdown in real output growth dampens the demand for workers. Congressional Budget Office
• The annual growth of real residential investment will jump to an average of 10.8% in 2025 and 2026 because of declines in mortgage interest rates and the increased demand for housing associated with the large number of recent immigrants. Congressional Budget Office
• The growth of real GDP is projected to slow to 1.5% in 2024 as consumer spending increases more slowly and investment in private nonresidential structures, such as offices, declines. Congressional Budget Office
• China's growth has been projected at 4.6% in 2024 which exceeds the previously forecasted growth rate due to a higher government spending for tackling natural calamities, and a stronger than expected growth in 2023. Yahoo Finance
• The MPC stated that the Thai economy is expected to experience a deceleration in growth in 2024, resulting from the slow recovery of the export and production sectors. Pattaya Mail
• The Spanish mobile industry expects today's announcement to accelerate the growth of digital services and apps, by ensuring they integrate seamlessly with national mobile networks, as well as hundreds of others around the world. Intelligent CISO
• More than half of global growth will be concentrated in China, the US, India, and Indonesia over the next 5 years. Luxembourg - EN - Institutional
• Capitalization levels across GCC countries are forecasted to strengthen slightly, except in Saudi Arabia, where S&P expects the fastest growth. Economy Middle East
• Economic policies that foster and sustain growth, facilitate inclusive development, and contribute to the generation of resources to power investments will be adopted towards making India a developed country by 2047. Daily Pioneer
• As India progresses towards becoming a global economic powerhouse, the interim budget provides a foundation for inclusive growth and development, offering hope and opportunities for all sections of society. IPEM
• Although notoriously difficult to predict, if oil prices do drift lower in 2024, that could be a significant headwind for growth in the BP share price. The Motley Fool UK
• Global companies (such as Apple) are diversifying their supply chains from China to India, which could help propel further infrastructure development and economic growth. Australian Securities Exchange
• China confronts challenges going into 2024, and there is a prevailing expectation that the world's second-largest economy could encounter difficulties in fostering economic growth. Australian Securities Exchange
• The Indian economy is doing well at a time when the global economy is in doldrums and headwinds are expected to impact growth to some extent. Times of India
• A unified, pan-India GST network would simplify compliance processes, improve operational efficiency, and open up growth opportunities. Mint

Last updated: 11 February 2024