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A number of big banks expect global growth to slow further in 2024, squeezed by elevated interest rates, higher energy prices and uncertainties in the world’s two largest economies, although they see less chances of a recession.
The global economy is forecast to grow 2.9 per cent this year, a Reuters poll of economists showed, and is expected to slow to 2.6 per cent for the coming year.
While the global economy may avoid a recession, Europe and the United Kingdom may still see its milder form, according to the poll.
A soft landing for the United States is still on the cards, although uncertainty around the Federal Reserve’s monetary tightening path clouds the outlook. China’s growth is expected to weaken, as global companies look for alternative locations to reduce their reliance on the country for services such as manufacturing.
Following are forecasts from major global banks:
