OECD sees the global economy growing at a 2.9% clip this year

A more optimistic global growth outlook: OECD has revised upwards its 2024 world growth forecast to 2.9% from November’s 2.7% forecast, it said in its latest economic outlook. Geopolitical risks within the MENA region, however, pose a “significant” risk to activity and inflation.

Don’t celebrate yet: Despite raising its growth outlook, OECD’s 2024 forecast remains below 2023’s 3.1% growth rate. Next year’s 3.0% growth forecast was left unchanged.

Where we could see fallout: Regional escalation “could disrupt shipping more extensively than presently expected, intensify supply bottlenecks, and push up energy prices if traffic is interrupted in the key routes for the transport of oil and gas,” the report wrote, adding that this could spur a rush to safety in global markets.

ICYMI- The IMF revised upwards its 2024 global growth outlook by 0.2 percentage points to 3.1% last week, also noting the potential for price spikes amid Red Sea attacks.

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 333.5 mn. The index is up 4.2% YTD.

In the green: Watania International Holding (+4.3%), National Central Cooling Tabreed (+2.8%) and Tecom Group (+2.2%).

In the red: Al Firdous Holdings (-10.0%), Takaful Emarat (-9.8%) and Islamic Arab Ins. Company (-3.2%).

Over on the ADX, the index fell 0.3%, on turnover of AED 1.1 bn meanwhile Nasdaq Dubai, closed down 0.5%.

Asian markets are in the red, tracking declines yesterday in New York. Futures point to a mixed open for major benchmarks in Europe, New York, and Toronto later today.

CORPORATE ACTIONS-

Sports management firm Palms Sports has approved a dividend payout of AED 100 mn in 2024, the company said in an ADX disclosure (pdf) yesterday.