World Economic Forum Chief Economists Outlook: Cautiously Optimistic View of Global Economy in 2024

The World Economic Forum has released its latest Chief Economists Outlook, providing a cautiously optimistic view of the global economy in 2024. According to the report, 82% of chief economists expect the global economy to either strengthen or remain stable this year, a significant increase from late 2023. However, geopolitical and domestic political tensions are expected to contribute to global economic volatility in 2024.

The outlook for economic growth varies by region, with the United States and Asian economies showing robust prospects, while Europe’s outlook remains bleak. The survey highlights the challenges faced by businesses and policy-makers, with tensions between political and economic dynamics expected to increase.

Looking ahead, most chief economists are optimistic about sustained global growth, with technological transformation and the green energy transition expected to drive growth in high-income countries. Policy levers such as innovation, infrastructure development, and education are seen as key factors in fostering growth over the next five years.

Overall, the report underscores the need for policy-making that not only revives the global economy but also promotes inclusive, sustainable, and resilient growth. The complex landscape that leaders are navigating requires urgent action to address the challenges posed by geopolitical and domestic political tensions.