Global Economy Watch - Projections

Economic projections

Our economic projections table summarises our main scenario GDP and inflation projections.

March 2025

  Share of 2023 world GDP    
  PPP MER 2025p 2026p 2027-2029p 2025p 2026p 2027-2029p
Global (Market Exchange Rate ("MER"))   100% 2.6 2.5 2.5 2.9 2.6 2.4
Global (Purchasing Power Parity ("PPP") rate) 100%   3.1 3.0 2.9 2.9 2.6 2.4
G7 29.5% 44.8% 1.6 1.6 1.8 2.4 2.3 2.1
E7 38.6% 28.2% 4.2 4.0 3.7 3.5 3.1 2.7
United States 15.1% 26.3% 2.2 1.9 2.1 2.5 2.4 2.2
China 18.8% 16.8% 4.6 4.3 3.5 1.0 1.5 1.4
Japan 3.5% 4.0% 1.1 0.7 0.8 2.7 2.0 1.8
United Kingdom 2.2% 3.2% 1.0 1.4 1.6 2.6 2.2 2.0
Eurozone 10.4% 13.0% 1.0 1.3 1.4 2.0 1.9 1.9
Germany 3.2% 4.3% 0.3 1.1 1.2 2.2 1.9 1.9
France 2.3% 2.9% 0.8 1.1 1.4 1.6 1.7 1.9
Italy 1.9% 2.2% 0.8 1.0 1.0 1.8 1.9 2.0
Spain 1.4% 1.5% 2.5 1.9 1.7 2.3 2.1 2.0
Netherlands 0.8% 1.1% 1.6 1.4 1.5 2.7 2.2 2.0
Ireland 0.4% 0.5% 2.7 2.5 2.3 1.6 1.8 1.6
Portugal 0.3% 0.3% 2.6 2.2 2.6 2.2 2.0 2.0
Greece 0.2% 0.2% 2.2 1.9 1.7 2.0 2.0 2.1
Poland 1.0% 0.8% 3.5 3.2 3.2 4.4 3.3 2.6
Russia 3.5% 1.9% 1.5 1.3 1.8 7.6 5.2 4.6
Türkiye 1.8% 1.1% 2.9 3.5 3.9 32 20 14
Australia 1.0% 1.6% 2.0 2.3 2.4 2.7 2.5 2.4
India 7.9% 3.4% 6.6 6.4 6.6 4.6 4.3 4.0
Indonesia 2.4% 1.3% 5.1 5.1 5.2 2.1 2.7 2.5
South Korea 1.7% 1.7% 1.8 1.9 1.8 2.0 2.0 1.9
Brazil 2.4% 2.1% 2.1 1.6 2.6 4.9 3.8 3.2
Canada 1.4% 2.0% 1.4 1.4 1.9 2.3 2.3 2.0
Mexico 1.7% 1.7% 0.8 1.9 2.5 3.9 3.3 3.3
South Africa 0.5% 0.4% 1.6 1.7 1.7 4.0 4.5 4.7
Nigeria 0.8% 0.3% 3.5 3.4 3.9 23 15 14
Saudi Arabia 1.1% 1.0% 3.8 4.2 3.8 1.9 2.1 2.1

e: Estimate, p: Projection

Sources: PwC UK and global analysis, national statistical authorities, EIKON from Refinitiv, IMF, Consensus Economics, the OECD, and Fitch Solutions. Our projections are a weighted average of projections from these sources. They also incorporate inputs from select teams across the PwC network. ‘MER’ refers to market exchange rates and ‘PPP’ is purchasing power parity. All inflation projections refer to the Consumer Price Index (CPI) unless otherwise stated.

The table above form our main scenario projections and are therefore subject to considerable uncertainties. These projections do not consider the recent changes to the international trading system announced on and subsequent to 2nd April, 2025. PwC recommends that our clients look at a range of alternative scenarios particularly for economies where there may be a high degree of volatility and uncertainty.

Contact us

Barret Kupelian

Senior Economist, PwC United Kingdom

Tel: +44 (0)20 7213 1579

Jake Finney

Economist, PwC United Kingdom

Tel: +44 (0)7483 440369

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