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Jasper - OECD projects steady global growth despite easing inflation and mixed economic recovery

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Jasper - OECD projects steady global growth despite easing inflation and mixed economic recovery

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The OECD's latest Economic Outlook, released in December 2024, projects global GDP growth to remain steady at 3.3% for both 2025 and 2026, slightly up from 3.2% in 2024. Despite facing significant risks such as inflation and geopolitical tensions, the report highlights that inflation is expected to ease, dropping from 5.4% in 2024 to 3.8% in 2025, aided by restrictive monetary policies in many countries. The labor market remains tight with low unemployment rates, while consumer confidence appears subdued, affecting private consumption growth. Regional growth varies, with the U.S. expected to grow by 2.8% in 2025 and the euro area projected at 1.3% growth for the same year, reflecting a mixed recovery across different economies

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Economic Outlook: Global growth to remain resilient in 2025 and 2026 despite significant risks

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The global economy is projected to remain resilient despite significant challenges, according to the OECD’s latest Economic Outlook.

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in Denmark Novo Nordisk the Danish insulin company has seen exponential growth the recent years through the sale of weightloss pills to the United States, this growth has led to Novo Nordisk having a pre tax profit in February 2025 had jumped to 17.8 billion dollars of profit. in a country like Denmark with high tax rates, novo nordisk has significantly increased the gdp of Denmark not only because of the massive margins the company is selling for, but also the employment of thousands and thousands of people recent investment of new labs and production centres worth 8.6 billon dollars are being built, this has employed a massive amount of people, fx a hotdog seller near the site has had a record breaking sale of 17500 hotdogs in one month and sandwich dealers must roast 30kgs of pork every morning. this showcases the impact novo nordisk and it recent weight loss pills has helped make Denmark one of the fastest growing economies in Europe

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Hotdogs and motorways: The ripples created by Denmark’s Ozempic and Wegovy boom

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American demand for weight-loss drugs is supercharging Denmark’s economy and transforming a small Danish community into an unlikely boomtown.

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The UK inflation rate was three percent in January 2025, up from 2.5 percent in the previous month, and the fastest rate of inflation since March 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. I think this is really interesting because of how quickly the inflation rate is changing, I would like to explore the impact that it'll have on the economy.

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The UK inflation rate was 6.7 percent in August 2023, slightly down from 6.8 percent in the previous month, and the lowest inflation rate since February 2022. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation which peaked at 11.1 percent in October 2022. As of the most recent month, food has replaced housing and energy as the sector with the highest inflation rate. Food prices in June 2023 were rising by 17.3 percent, while housing and energy inflation was 12 percent. In general, the last time overall inflation was rising at comparable levels was in 1992, when inflation peaked at 8.4 percent. Between 1993 and 2021, the UK inflation rate never exceeded 5.4 percent and was usually at much lower levels.

What is causing high inflation?

There are a variety of reasons for the elevated levels of inflation seen since 2021. In the wake of the COVID-19 pandemic, global supply chains struggled to meet the renewed demand for goods and services in 2021. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war has also disrupted global food markets, with both Russia and Ukraine being major exporters of cereal crops. As a result of these factors, inflation is high across Europe and the rest of the world.

The Cost of Living Crisis

High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK. With global energy prices spiraling, the UK's energy price cap has increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. Unfortunately, while wages are growing quite fast, they are currently not keeping pace with inflation. UK households look set to have experienced they're biggest fall in living standards in decades in 2022, with 2023 also expected to be a difficult year.

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UK inflation fell in August 2023 when compared with the previous month. Inflation has gradually fallen since a peak of 11.1 percent was reached in October 2022.