1、 Combined Management Report _ Report on Economic Position _ Macroeconomic and Sector-Specific Environment 48 Merck Annual Report 2024 Macroeconomic and Sector-Specific Environment In its latest World Economic Outlook published on January 17,2025,the International Monetary Fund(IMF)projected that glo

2、bal gross domestic product growth would remain approximately stable at 3.2%for 2024.Economic growth was driven mainly by declining global inflation rates,which are projected to fall from an annual average of 6.7%in 2023 to 5.8%in 2024 and decline even further in 2025.Major central banks in advanced

3、economies started to cut interest rates despite high inflation rates for services prices.Increased demand for semiconductors and significant investments in artificial intelligence in emerging Asian markets contributed to economic growth.This economic recovery was partially offset by ongoing supply d

4、isruptions due to armed conflict,civil unrest and extreme weather events impacting emerging markets and developing economies in particular.The IMF highlighted significant risks to the 2024 global outlook,including potential regional conflicts,a further slowdown in Chinas property sector and financia

5、l market volatility and the associated impact on national debt.Geoeconomic fragmentation would also pose challenges to global stability.Despite these risks,the IMF pointed to key opportunities,such as recalibrating fiscal policies to make public debt sustainable,restoring fiscal buffers and enhancin

6、g growth through structural reforms.The IMF also stressed that increased international cooperation could accelerate the green transition,support debt restructuring and strengthen multilateral frameworks,promoting long-term global stability and shared growth.The development of GDP in selected countri