Major economies are becoming more aligned, but the world's medium-term prospects remain weak. Our global growth projections are unchanged at 3.2 percent this year and slightly higher at 3.3 percent for next year, but there have been notable developments beneath the surface since the April World Economic Outlook. Growth in major advanced economies is becoming more aligned as output gaps are closing. The United States shows increasing signs of cooling, especially in the labor market, after a strong 2023. The euro area, meanwhile, is poised to pick up after a nearly flat performance last year.