The global economy is showing varied trends across different regions. Here’s a comparison based on the information available:
Global Growth: The World Economic Outlook Update in January 2024 projected global growth at 3.1% in 2024 and 3.2% in 20251. This growth rate is below the historical average of 3.8% from 2000 to 20191. The forecast for 2024 was 0.2 percentage points higher than the October 2023 forecast due to greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China1.
Inflation: Global headline inflation is expected to fall to 5.8% in 2024 and to 4.4% in 20251. Inflation is falling faster than expected in most regions, amid unwinding supply-side issues and restrictive monetary policy1.
United States and Emerging Economies: The United States and several large emerging market and developing economies have shown greater-than-expected resilience1.
China: China has provided fiscal support, contributing to the resilience of the global economy1. However, the World Economic Forum anticipates that China’s growth predictions have shifted from strong and moderate to largely moderate over 20242.
Advanced Economies: Growth in advanced economies remains tepid2. Economists expect labour markets and financial conditions to loosen over the course of 20242.
Please note that these are general trends and the economic situation can vary greatly from country to country. For the most accurate and up-to-date information, please refer to official sources or financial news outlets.
Yes, there are several sectors that are driving global growth:
Transport Equipment Manufacturing: This sector is shaping up to be the largest contributor to global manufacturing growth in 2023, with strength persisting into 20241.
Wireless Telecommunications Carriers: This industry is expected to generate significant revenue in 20242.
Oil & Gas Exploration & Production: This sector is also projected to contribute significantly to global revenue in 20242.
Life & Health Insurance Carriers: This industry is among the world’s largest by revenue in 20242.
Pension Funds: This sector is also expected to generate substantial revenue in 20242.
Commercial Real Estate: This industry is among the top revenue-generating sectors globally in 20242.
Car & Automobile Sales: This sector is also expected to contribute significantly to global revenue in 20242.
Direct General Insurance Carriers: This industry is among the world’s largest by revenue in 20242.
Commercial Banks: This sector is also expected to generate substantial revenue in 20242.
These sectors are expected to drive global growth in 2024. However, it’s important to note that these are projections and actual results may vary. For the most accurate and up-to-date information, please refer to official sources or financial news outlets.