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Economics and Finance

Uncertain Growth. Global Economic Projections Meta-analysis for 2024

7 min read

Feb 12, 2024

Redrob

Disclaimer:

This article is the result of our team's efforts to analyze publicly available data, supplemented by insights gained from our past experiences. As a startup, we strive to contribute meaningful analysis to the public discourse, though we acknowledge that our interpretations may not be infallible. We recognize that there may be differing viewpoints and our findings might not align with all perspectives. Your feedback and constructive criticism are welcome as we navigate these complex topics together.

Essential Highlights

Mixed Growth Predictions

A nuanced landscape is depicted for global GDP growth in 2024, with mixed anticipations from different organizations.

  • Optimistic

    • UNCTAD

    • Euromonitor

    • S&P Global

    • World Bank

  • Neutral

    • IMF

  • Pessimistic

    • OECD

    • Morgan Stanley

    • Goldman Sachs

    • WTO

    • PwC

Moderation of Inflation

Inflation rates are expected to continue their downward trend into 2024. S&P Global Market Intelligence analysts project a global consumer price inflation of 4.7% for 2024, which is a decrease from the estimated 5.6% in 2023 and significantly lower than the peak of 7.6% in 2022. This trend is anticipated across most regions, indicating a global phenomenon.

Subdued Growth in North America and Western Europe

These regions are forecasted to experience growth rates below their potential, partly due to efforts to bring inflation back to target rates. Consequently, weaker annual real GDP growth rates are expected in 2024 compared to 2023. The global annual real GDP growth rate is predicted to slow to 2.3% in 2024, down from an estimated 2.7% in 2023.

Slow Recovery for Mainland China

China's economy is anticipated to recover gradually, supported by more accommodative policies, an improvement in private-sector confidence, and an expected stabilization in economic activities.

Global Economic Weakness

The World Bank predicts the global economy to face its weakest half-decade performance in 30 years. This indicates a prolonged period of subdued economic growth on a global scale.

Meta-Analysis Conclusion

Overall, the meta-analysis suggests a trend towards either a slight worsening or a similarity in economic conditions compared to 2023.

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© 2023 McKinley Rice, Inc. All Rights Reserved.

All-in-one sales and recruitment platform for startups

All-in-one sales and recruitment platform for startups

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+1 (610) 516-6218

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Explore more opportunities within our network. Use the dropdown menu to seamlessly navigate between our company websites and discover your requirement.

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© 2023 McKinley Rice, Inc. All Rights Reserved.