A stock-take of the major economies suggest no major step change in economic growth so far in 2024, but growth may be becoming more broad-based, and recent macro data are beating pessimistic expectations across many markets, reflected in rising economic surprise indices. The latest flash PMIs for March provide the first full snapshot of private sector activity in Q1 2024. The surveys point to improving global economic conditions throughout the quarter, with the manufacturing sector, in particular, moving back into expansionary territory in many regions following a prolonged contraction in global surveys throughout 2023.