Global Fluid Power Report and Forecast : Includes a global macro summary, by-country customer market forecast & analysis, as well as by-country fluid power industry forecasts. Countries covered in the report: US, Canada, Mexico, Brazil Poland, Netherlands, Italy, Germany, France, Belgium, UK, Russia, Taiwan, South Korea, Japan, Indonesia, India, China, Australia, UAE, and South Africa.
Oxford Economics released the following statements in conjunction with this forecast’s release:
- The global economy remains on track to grow at a steady pace in H2, keeping our short-run forecast relatively unchanged from the previous quarter. We continue to expect global GDP to grow by approximately 2.7% in both 2024 and 2025, as policy rates slowly fall, and the lagged effects of previous rate hikes begin to ease. While inflation is expected to continue slowing at a similar rate, services inflation is not decelerating as quickly as CPI, and wage growth remains relatively strong. This makes it difficult to estimate when inflation may reach its target rate. Nevertheless, we expect central banks to proceed cautiously, opting to lower policy rates at a moderate pace and maintaining inflation around the target rate in the medium to long term.
- We still expect that global industrial output will continue its recovery track, growing by 2.6% in 2024. That pace of growth represents a notable upgrade from 2023’s low of 1.8%, which is a multi-decade low outside of major global recessions. But it is also a transition to the more robust growth of 3.1% we expect next year, which is more in line with global production coming back to firing on all cylinders. Headwinds from past rate hikes are weighing strongly on growth in advanced economies, but they should fully turn around in 2025.
The snapshot below from the NFPA Stats Dashboard provides a quick look at Oxford’s Fluid Power growth forecast for the United States and a few other countries.
Questions? Contact Cecilia Bart at cbart@nfpa.com or 414-259-2027.
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