PASHA BANK ANNUAL REPOT 2024

As a result, the EU economy in 2024 faced low growth rates and rising inflation. The economic recovery across the region has been slow, with significant disparities among member states. China’s economic performance in 2024 was marked by variability, influenced by both domestic and external factors. At the start of the year, the Chinese government set a growth target of approximately 5%. However, data released throughout the year, along with forecasts from international institutions, suggest that the actual growth rate might fall short of this target, largely due to challenges in the real estate sector. According to the data from the National Bureau of Statistics of China, GDP grew by 5.3% year-on-year in the first quarter of 2024. The IMF projects China’s economy to expand by 4.6% for the full year. To support economic recovery, the Chinese government has set a growth target of 5% for 2024, alongside plans to create 12 million new urban jobs and keep the urban unemployment rate at 5.5%. Additionally, the inflation target was set at 3%. Consumer spending and domestic demand were among the key drivers contributing to the recovery of the Chinese economy in 2024. An increase in consumption trends, coupled with easing price pressures, supported a consumption-led recovery. In November, the total profits of industrial enterprises with annual revenues exceeding CNY 20 million increased by 5.4% year-on- year, indicating a stable recovery in the industrial sector. For 2025, the Chinese government plans to adopt a more active budget policy and an appropriately loose monetary policy to support economic growth. New policies aimed at stimulating domestic demand and investment are expected to be implemented. As a result, while China’s economic growth in 2024 fell short of its targets, the measures and policies enacted by the government have established a trajectory of stable recovery. Looking ahead, efforts to bolster domestic demand and investment aim to place the economy on a more sustainable growth path. Globally, the economic slowdown has led to rising poverty rates and reduced investments, particularly in developing countries. The World Bank forecasts that by the end of 2024, the global economy will experience its slowest five-year GDP growth in 30 years. Factors such as geopolitical tensions, energy price volatility, and climate change are amplifying economic uncertainties. Conflicts in Ukraine and the Middle East, along with fluctuations in agricultural raw materials and energy markets, are particularly disrupting global trade flows. The growth forecast for Asian economies outside the U.S. and Europe in 2024 stands at 4.5%. The share of Asian GDP in the global economy is projected to be 49% in 2024. In summary, the global economy faced a challenging environment in 2024, characterized by low growth rates, high inflation, and rising uncertainties. This period was considered difficult for both developed and developing economies. OECD FORECASTS THAT THE U.S. ECONOMY WILL GROW BY 2.6% IN 2024. USA: 2.6% growth 23 General Information