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October 15, 2024, Opinion: "The world's economy remains on track for steady growth in 2025, but the outlook could shift depending on the results of the 2024 US elections. Real global GDP will increase by 3.2 percent in both 2024 and 2025, according to an analysis presented at the Peterson Institute for International Economics (PIIE) Fall 2024 Global Economic Prospects (see figure below). Inflation has receded further toward target levels in most countries, bolstering real incomes and allowing many major central banks to begin cutting their key interest rates. These factors should support widespread economic growth. However, this baseline forecast assumes that current US policy prevails with only modest changes. That could change after the elections, affecting the US and other economies around the world."