Economists expect global economic growth of 2.6 percent
Published: Tuesday, Jan 23rd 2024, 12:10
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According to economists from around the world, the global economy is likely to grow by 2.6% this year. The German Ifo Institute and the Institute for Swiss Economic Policy (IWP) at the University of Lucerne surveyed 1431 economic experts from 124 countries in December.
For Switzerland, the estimates for GDP growth in 2024 are 1.3%, as the IWP announced on Tuesday. In 2025, economists expect Swiss GDP to grow by 1.5% on average and by 1.6% in the medium term.
However, the economists are relatively pessimistic for the eurozone, and here Germany in particular is "a problem child". Following last year's recession, the experts expect Germany to grow by 0.6% this year.
The economists surveyed expect average growth of 3.1% for East Asia, 4.7% for South East Asia, 1.8% for North America and 1.1% for Western Europe. For Eastern Europe and Southern Europe, the economists expect growth of 2.3 and 2.4 percent respectively.
Expectations for the global economy are rising in the medium term. The experts surveyed expect growth of 2.9% in 2025 and 3.3% in 2027.
Swiss inflation on target
According to the experts, the average inflation rate for Switzerland in 2024 should be 2%. This would be roughly in line with the Swiss National Bank's (SNB) target value for price stability, according to the report.
According to the economists surveyed, price increases in Germany are likely to fall below the 2% mark in the following years. For 2025, they expect inflation to average 1.5%, with lower price growth in the long term until 2027 with inflation of 1.3%.
On a global average, experts expect price increases of 5% for the current year. In the medium term, i.e. by 2025, global inflation is then expected to slow to 4.4% and to 3.6% by 2027.
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