Macroeconomic Climate – From Global Economy To National Economy

In the recent period the real economy presented a slow YoY growth pace, at the global, European, regional, and national levels, in the context of the consequences of the overlapping shocks over the pasts quarters, including the high level of the financing costs and the persistence of the geo-political tensions. However, at the beginning of 2024 there can be noticed the accumulation of stabilization signals for the macroeconomic climate, given the slowing-down of the inflationary pressures and the positive dynamics on the financial markets. This paper presents the recent macroeconomic developments and estimates the dynamics of the potential growth pace (by implementing standard econometric tools and using the IMF database), within an approach from the global economy to the national economy. According to the results of the estimates the YoY pace of the potential output slightly improved at the global level recently, to the highest level since 2018. However, this improvement hides the divergence between the dynamics in the developed countries and the evolutions in the emerging economies