Global GDP growth projected to slow down to 3.1 pct in 2025, 3 pct in 2026

Global gross domestic product (GDP) growth is projected to moderate from 3.2 percent in 2024 to 3.1 percent in 2025 and 3.0 percent in 2026, the Organization for Economic Cooperation and Development (OECD) said in its latest economic outlook released on Monday.

In its previous economic outlook published in December 2024, the OECD projected that global GDP growth would be 3.3 percent in both 2025 and 2026.

The Paris-based OECD's projections were based primarily on weaker expected growth in the United States and the eurozone.

According to the OECD, the downward adjustment from its previous forecast is due to "higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty weighing on investment and household spending."

The OECD emphasized that "significant risks remain" as further tit-for-tat tariffs between major global economies "would hit growth around the world and add to inflation."

Higher-than-expected inflation would prompt more restrictive monetary policy and could give rise to disruptive repricing in financial markets, according to the organization.

U.S. annual GDP growth is projected to be 2.2 percent in 2025, down from the OECD's 2.4 percent projection in December, before falling to 1.6 percent in 2026 -- a drop of 0.5 percentage points on the organization's previous forecast.

Likewise, the eurozone growth projection is 1.0 percent in 2025 and 1.2 percent in 2026, as heightened uncertainty keeps growth subdued.

Headline inflation in the G20 is now projected to fall from 5.3 percent in 2024, to 3.8 percent in 2025 and 3.2 percent in 2026, with core inflation in the advanced G20 economies projected to decline to 2.6 percent in 2025 and 2.4 percent in 2026 from 2.7 percent in 2024.

U.S. headline inflation in 2025 and 2026 is expected to be 2.8 percent and 2.6 percent, respectively, up 0.7 and 0.6 percentage points from the previous forecast.

The report also noted that central banks should remain vigilant given heightened uncertainty and the potential for higher trade costs to push up wage and price pressures.

Countries need to observe fiscal discipline to ensure debt sustainability and maintain the ability for governments to react to future shocks and accommodate current and future spending pressures, the report said.

Global GDP growth projected to slow down to 3.1 pct in 2025, 3 pct in 2026

The operational efficiency of Guangzhou Baiyun International Airport in south China's Guangdong Province has greatly improved following the launch of a new terminal and a new runway one month ago.

The airport officially put into operation its Terminal 3 and fifth runway on October 30, making it China's first civil airport to operate five commercial runways.

Terminal 3 features a range of self-service facilities, including check-in kiosks, automated baggage drop systems, and smart security screening equipment, which have greatly streamlined passenger processing.

Since its opening, five airlines have shifted their domestic operations to Terminal 3, which now handles an average of 158 flights and about 26,000 passengers daily.

"Compared with Terminal 1, both the number of staffed counters and self-service kiosks of Terminal 3 have increased significantly, greatly reducing the average check-in time for passengers. For domestic direct flights, the entire check-in process can be completed in a minimum of one minute," said Shi Mengyao, a staffer with the ground service department of the Guangdong branch of China Eastern Airlines.

Beyond efficiency improvements, the terminal also includes an observation deck that offers travelers panoramic views of the airfield.

"Since its opening, the observation deck attracts over 3,000 visitors per day on average, with total visits exceeding 100,000 to date," said Luo Li, deputy general manager of a terminal management company at Baiyun International Airport.

The airport's expansion also marks another step toward building a world-class airport cluster in the Guangdong-Hong Kong-Macao Greater Bay Area.

"The airport's expansion not only consolidates the Greater Bay Area as an aviation hub connecting China with the world, but also helps lower logistics costs within the area, promote the free flow and efficient allocation of economic resources, and enhances the area's capacity for global resource allocation," said Li Jing, chief planner with the Guangdong Provincial Department of Transport.

New terminal, runway boost operational efficiency of airport in Guangzhou