Furthermore, “following disappointing data this year and more aggressive policy announcements”, the team has raised its GDP estimate for China from 4.8% to 5.2% in 2025.
Citi Global Wealth Investment analysts Steven Wieting, Joseph Fiorica, Ken Peng, Guillaume Menuet, Cecilia Chen, Joseph Kaplan and Melvin Lou have updated their global economic forecasts ahead of the US elections, raising their US real gross domestic product (GDP) estimate for 2024 from 2.4% to 2.7% and 2025 real GDP estimate from 2.3% to 2.4%.
In a report released on Oct 26, the team attributes this to stronger-than-expected tracking data for the US economy.
