Economists expect economic growth to decline in 2024
Published: Monday, Jan 15th 2024, 06:20
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Almost 60 percent of chief economists from the public and private sectors expect a decline in global economic growth in 2024, according to a survey by the World Economic Forum (WEF). Around 70 percent of those surveyed said that fragmentation would accelerate.
The same proportion of economic experts expected a slump in the labor market. Almost 90 percent saw an impact of political tensions on economic volatility over the next three years and an acceleration in the relocation of companies. Four out of five experts also expected an impact on the financial markets, according to the survey published on Monday morning.
According to the survey, 79 percent of economists expect the tax burden to increase and two thirds of those surveyed believe that inequalities between rich countries and developing countries will widen.
Lower inflation expected
The experts expect inflation to be lower in all regions compared to the previous year. No region will be able to expect major growth. According to the survey, over 85% of the economists surveyed believe that Asia will make moderate progress.
In Europe, the number of chief economists expecting only low or very low growth doubled to 77% within just a few months. Six out of ten respondents expected moderate or stronger growth in the USA and the Middle East. The situation appears to be improving in South America and Africa.
Economists also believe that artificial intelligence (AI) will improve production and innovation in rich countries by 70 percent or more, compared to just over half in developing countries.
©Keystone/SDA
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