Global Economic Growth Steady, Challenges Ahead

Global economic growth is expected to be modest over the next two years, with the IMF forecasting a 3.2% growth for 2024 and 3.3% for 2025, although risks persist due to slowing inflation. In the UK, unemployment remains at 4.4% while wage growth has slowed to 5.7%, impacting economic activity and government spending on public services. China's urban unemployment rate decreased to 5.1% in the first half of the year, with improvements seen in major cities and the service sector. Wage growth has stabilized at 3.1% over the past three months, signaling potential economic stability, but rising unemployment rates may indicate a cooling-off period and impact job retention for employers.