Global economic growth held steady throughout 2024, driven by strong employment levels and real wage increases across both emerging and advanced economies, according to the United Nations (UN). This positive trend was mirrored by the Organisation for Economic Co-operation and Development (OECD), which highlighted robust economic growth in advanced economies such as the United States (US), Canada, Spain, and the United Kingdom (UK).
The International Monetary Fund (IMF) and the OECD project that global GDP growth will stabilise at 3.2% for both 2024 and 2025. This stability is attributed to factors such as disinflation, which is the slowdown in the rate of inflation, improvements in real incomes, and the easing of monetary policies in several countries. Meanwhile, the UN forecasts a slightly lower global GDP growth of 2.7% for the same period. This figure marks an upward revision of 0.3 percentage points from earlier predictions in January, thanks to stronger-than-expected economic performance in the US, Brazil, India, and the UK.
However, economic forecasts also indicate potential challenges. The US and China may experience a slowdown in 2025, but this is expected to be offset by increased growth in Canada, Japan, and some European nations.
Despite these positive signs, labour market data reveals ongoing disparities for Indigenous populations in several countries. Reports indicate that Indigenous communities in Australia, Canada, New Zealand, and the US continue to face poorer employment outcomes compared to the general population, highlighting the need for targeted policies to address these inequities.
Read more about it the November ILMU.
If you have any questions or comments or want to know more, email: migration@jobsandskills.gov.au.
