Economic Volatility and Geopolitical Tensions
The global economy is likely to weaken in the coming year, according to 61% of respondents in the World Economic Forum’s latest Chief Economists Outlook. One of the biggest sources of this volatility will be geopolitics. Nine out of ten economists surveyed for the report believe geopolitics will create economic volatility in the year ahead. Domestic politics could also stoke economic volatility according to 79% of respondents, with the impending US electoral cycle likely a driver of this sentiment.

Inflation and Interest Rates
A majority (86%) of chief economists are optimistic that the global inflationary surge will ease. More positive shifts appear likely, including drops in inflation and a slowdown in interest rate rises.

Regional Economic Outlooks
There is a “a growing divergence in growth prospects around the world,” the Chief Economists Outlook says1. Asia is seen as having the strongest growth prospects – particularly South Asia, where 92% expect moderate or strong growth this year.

The Rise of Intelligent Machines
In 2024, artificial intelligence (AI) is expected to be a part of everyday life and virtually no industry or aspect of our lives will be untouched by it. While it’s undoubtedly driving innovation and creating efficiencies in fields as diverse as healthcare, space travel and ecological conservation, it’s also causing a fair amount of fear and uncertainty. The threat to jobs is real – although it will undoubtedly create new opportunities, just as it creates redundancies.

Conclusion
The year 2024 promises to be a pivotal one for the global economy. As we navigate through these challenges, it is crucial to remain adaptable and resilient. The economic landscape is ever-changing, and the ability to anticipate and respond to these changes will be key to our collective success.