Global economy to drop off but will evade recession in 2024

Posted on November 24, 2023   |  

Leading banks project a slowdown in the global economy in 2024 due to factors like higher interest rates, increased energy prices, and a slowdown in the world's 2 largest economies.

The expected global economic growth for this year is 2.9%, slowing down to 2.6% in the following year.

While a worldwide recession is not on the horizon, there are concerns about the possibility of "mild recessions" in Europe and the UK.

China's economic growth is predicted to weaken as companies explore more cost-efficient production alternatives.

Overall, the economic outlook is cautious, with challenges such as higher interest rates, energy costs, and potential regional slowdowns.