The Outlook for the Global Economy in 2024
The global economy is expected to experience a slowdown in 2024 due to factors such as wars, high inflation, and high interest rates. The OECD projects international growth to decline to 2.7% in 2024, marking the slowest year of growth since the onset of the COVID-19 pandemic. While the risks of recessions are expected to be avoided, concerns remain regarding persistently high inflation and the impact of geopolitical tensions on commodity prices. The slowdown is influenced by the deceleration of the US and China, the two largest economies, as well as factors affecting the Eurozone. Despite the challenges faced since 2020, economic expansion has proven resilient. However, the OECD warns that economic growth is now moderating, driven by tighter financial conditions, weak trade growth, and low business and consumer confidence.
