Factors Influencing Global Economic Outlook in 2024
Exploring the factors shaping the global economy including inflation, geopolitical tensions, climate change, and the rise of AI, and highlighting the need for businesses to adapt and change in response.
At the start of every year, economists love to make predictions. But in such a volatile world, predictions are tough to make accurately. For 2023, many economists forecasted rising inflation and a “hard landing” for the global economy. But that didn’t happen. So, what’s in store for 2024? Will the challenges of 2023 snowball into a recession? Not according to MSN.com:
Although growth is estimated to be even slower in 2024, the worst is perhaps over and headwinds are expected to ease, analysts say. For next year, the IMF expects global gross domestic product to expand by 2.9 per cent, while the World Bank forecasts 2.4 per cent growth. “Looking at 2024, we anticipate uncertainty to persist, with sub-trend growth projected across the world’s economies,” State Street Global Advisor said in its 2024 Outlook report.
All of this amounts to what many people are anticipating as a “soft landing” for the U.S. economy. The fight against inflation isn’t over, and consumers are still taking it on the chin. But turning the inflationary tide didn’t require high unemployment, as is often the case.
