Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 77

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 77
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. economy expanded strongly. Asia and India experienced dynamic growth. Global aggregate inflation eased to 6.4% and many central banks started lowering interest rates. Economic momentum in developed market economies varied regionally in 2024, resulting in overall GDP growth of 1.5%. While the U.S. experienced noticeable expansion, momentum in Europe was comparatively weak and even weaker in Japan. Central banks in Europe and the U.S. began easing monetary policy, while the central bank in Japan implemented a slight tightening. Overall inflation moderated to 2.7%. Emerging markets grew robustly at 4.3%, led by a strong performance in Asia. However, European emerging markets growth was subdued, reflecting the ongoing impact of geopolitical spillovers and weakness in some key industrialized trading partners. Contrary to the general trend, Argentina's strong inflation in 2024 pushed the aggregate inflation rate for emerging markets to 8.8%, somewhat higher than the previous year. However, in many other regions, inflation normalized, giving central banks scope to reduce key interest rates. Euro area GDP growth of 0.7% in 2024 was largely export-led. Despite easing inflation and rising wages, real income driven consumption remained sluggish. The decline in inflation to 2.4% enabled the ECB to commence an interest rate cut cycle. The German economy contracted slightly in 2024 for the second consecutive year, reflecting persistent weakness in both domestic and external economic drivers. Despite easing inflation to 2.2% and strong wage growth, private consumption stagnated. The manufacturing sector and foreign trade were burdened by declining competitiveness. The labor market also showed signs of cooling. The U.S. economy registered strong growth of 2.8% in 2024, notwithstanding the prevailing restrictive monetary policy stance. Inflation moderated to 3.0% and the labor market became more balanced, providing the Federal Reserve with the opportunity to commence a gradual reduction in key interest rates during the latter half of the year. The Japanese economy contracted by 0.2%, primarily due to weak export demand. Domestic economic momentum was unable to counter this headwind. In response to persistently elevated inflation at 2.7%, the Bank of Japan initiated a tightening of monetary policy by raising key interest rates. The Asian economy expanded by 5.2% in 2024, reflecting the positive contributions of both China and India, as well as favorable economic performance in other regional economies. The moderation of inflation to 1.8% provided support to private household consumption