Citigroup economists on Wednesday raised their global growth forecast slightly and see a “less hard” landing but still expect the world’s economy to grow at the slowest pace in 40 years.
The Wall Street brokerage now sees global growth slowing this year to about 2.2 percent, 0.25 percent higher than their previous estimate due to improving macroeconomic trends, it said in a note by economists led by Nathan Sheets.
Citigroup said its cautious pessimism is due to China’s stronger economic outlook than previously estimated, stagnation in the euro area as opposed to a contraction estimated earlier, and resilience in the United States….