How do you consider the prospects of global economy in 2024?

[GigaBit]

The global economy is yet to stand upright after the Covid-19 pandemic. The uncertainty in the economy remains the same in 2024. Covid-19 has affected the global economy but Russia and Ukraine war affect more than the pandemic. A large part of economists think that we will not fully recover from its effects this year either. They believe that due to high interest rate policies and geopolitical difficulties in most countries in the world, an unstable environment has been created in almost every part of the world.

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A survey by the WEF- World Economic Forum revealed that around 56% of economists think the economy will remain weak in 2024 and 3% of economists think the economy will be worse this year than ever before. Overall, a large portion of economists think that the unemployment rate will also increase in the labor market. Moreover, the International Labor Organization (ILO) has expressed an opinion where they think 20 people will enter the target in 2024, unemployment rate may rise to 5.2 percent which was 5.1 percent in the previous year due to the low rate of employment. However, 57 percent of economists though provide negative attitude, while 43 percent of economists gave good news. They expect the economy to be stronger in 2024.

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On the other hand, the International Monetary Fund (IMF) is of the opinion that due to trade barriers in various countries, production will decrease, resulting in lower income economies suffering more.

Do you think the economy will be stronger in 2024 or could it be weaker?

[1714659262]

1714659262

[franky1]

there is one certainty

teaching people about the economy is not about screaming "to the moon" as a teaching of endless growth.. but instead, its the exact same as Mr miyagi teaching the karate kid how to paint a fence "upppp, dowwwn"
name any 30 year period and i can mention a bad time within it

now with that said. with any market cycle there can be winners and losers on both sides
take bank savings accounts vs mortgage accounts
low interest is bad for one and good for the other
product inflation, bad for the buyer, great for the seller

when asking about prospects of economy.. the question.. which side

businesses-banks
_~/^~\_~/^~\_~/^~\_~/^~\
citizens-workers  

[Apocollapse]

when asking about prospects of economy.. the question.. which side

businesses-banks
_~/^~\_~/^~\_~/^~\_~/^~\
citizens-workers  

Isn't both of them need to work together?

Citizens and workers need to accept minimum payment jobs because they need to feed themselves, the business and banks can make more money from their productivity. What matters in the current society is most people prefer to become unemployed rather than having a job that only enough to feed themselves, not to mention they're using social medias as their standards e.g. a fresh graduate earns $60K per month, a 30 years old guy earns $200K per month etc.

Why they can still live without a jobs? their parents makes more money that enough to survive.

[pooya87]

Things don't look good and I think at this point the only question is whether things are going to get worse or remain bad. After all even if for example energy crisis were to be solved and prices came down (eg. oil to $30), it still takes a year or two for economy to go back to normal and we don't see any reason for that crisis to end yet.

This is exactly why they haven't yet brought the interest rates down despite the recession that it has caused. Which is another reason why things aren't going to get any better any time soon, the rates are still too high for things to get better. And recession isn't something that goes away easily while every day rates remain high the recession grows...

And that's just one crisis. There are still a couple more like the fact that we still have the growing armed conflict. The other day I heard something about some European countries preparing their population for war!!! Sweden and Germany if I'm not mistaken are already predicting war in the near future and NATO has already deployed 90k troops to Eastern Europe borders.

[Kakmakr]

Well, one thing is certain... it is going to be a very interesting year.

1. I am curious to see how the dedollarization attempts by the BRICS nations are going to impact the global economy.
2. I also think the Covid epidemic are just the first of many to come. (Some experts believe a possible Disease X could be 20 times deadlier than COVID-19, CBS News reported.)
3. The conflict in the middle east was just the spark, I think this is going to spill over to other countries and political conflicts are just going to increase.

These are just some of the things that will put a downward pressure on the global economy, but it can be significant enough to cause a crisis.

[kentrolla]

Starting of this year has not been so great because in general if you look around there are lay offs everywhere and there are organizations like Google and Amazon which was like a dream job for people now they have started laying off, product based companies are laying off and once an employee loses his job his spending power reduces and this will affect everyone from top to bottom, right from businessmen to an farmer. Just need to brace for an bumpy year ahead.   

[davis196]

My forecast about the global economy-more debt and lower growth.
The global debt will keep growing way above 300 trillion dollars. The debt bubble will burst after several decades.
The European Union will enter recession, because of the oil & gas sanctions against the Russian federation and the high interest rates.
The economic growth of China will slow down in the long term, because the population in China is getting older and the real estate bubble is slowly going down.
The USA will keep pumping their economy with newly printed money and cheap labor from Latin American immigrants. At some point, the US dollar will lose it's global dominance and the money printing will lead to higher inflation and currency devaluation.

[icalical]

On the other hand, the International Monetary Fund (IMF) is of the opinion that due to trade barriers in various countries, production will decrease, resulting in lower income economies suffering more.

Do you think the economy will be stronger in 2024 or could it be weaker?

Well, I don't know, but I couldn't imagine any scenario where 2024 could be worse than 2023 because for me 2023 was extremely difficult. I work in advertising industry and even during and shortly after pandemic (2021-2022) ads industry is still booming, everyone still needs ads, but 2023 it is really bad, even big corporation was reducing (some even put 0) on their advertising and marketing budget. My agency lose many regular client.
But it's starting to get better this early year, not in a big leap, but still an improvement. So, I have quite positive, and good hope for 2024.

[Solosanz]

After the pandemic, I don't understand why the world seems going to be darker every year. Due to capitalism, poor and low middle class people almost have no chance to become rich, because they either die poor or survive but own nothing as they need to pay off debts.

I think it will going weaker because currently the conflicts of Ukraine vs Russia and Palestine vs Israel still not solved yet.

[Alpha Marine]

Actually, it depends on how well the country is managed. Things are always going to be tough every year, so how strong economies are going to be depends on the government of that country and its policies.
When the right policies and decisions are taken, the economy will thrive.

Despite how things were in 2023 there are countries where their currency did not devalue too much, the unemployment rate reduced, and GDP increased. I don't know if the per capita income and purchasing power of any country increased but I believe if a country did the right things, it will.

[m2017]

The global economy is yet to stand upright after the Covid-19 pandemic. The uncertainty in the economy remains the same in 2024. Covid-19 has affected the global economy but Russia and Ukraine war affect more than the pandemic. A large part of economists think that we will not fully recover from its effects this year either. They believe that due to high interest rate policies and geopolitical difficulties in most countries in the world, an unstable environment has been created in almost every part of the world.

The world economy is on the verge of great economic problems even without a Covid-19 pandemic. The problems have been accumulating for many decades and this can't continue forever. To this are added various influences due to certain events. It accumulates like a snowball and one day governments and financial institutions will not be able to contain it by endlessly printing money. The global economic bubble must burst to clear the market and begin a new cycle. This will probably happen in the near future.

On the other hand, the International Monetary Fund (IMF) is of the opinion that due to trade barriers in various countries, production will decrease, resulting in lower income economies suffering more.

Production is bound to decrease due to low consumption, which will lead to decreased production, fewer jobs and this will lead to low consumption. The snowball is spinning up.

Do you think the economy will be stronger in 2024 or could it be weaker?

I think the likelihood that the world economy will be weaker in 2024 is much higher than that it will become stronger. There are no trends that could have a positive impact on a favorable outcome. For the good times to begin, the bad times must first pass. And it hasn't even really begun yet.

[Egii Nna]

Exactly. How inflation has been affecting many countries world-wide now is such a different case, although a lot needs to be done to tackle the issue of inflation that is affecting people living in the countries and even the countries world-wide. This issue includes high costs of living, high costs of fuel, and high costs of food that cause starvation in many countries, which results in the deaths of people, especially infants and pregnant women. It is very painful when you discover that the world-wide economy is falling. Many countries have accumulated high debts that are too expensive to pay, and many problems have been happening since the pandemic of COVID-19 occurred. Many have been suffering up until now.

Although the COVID-19 pandemic has already caused a lot of damage to people's lives and even destroyed the economies of some countries, due to COVID-19, many have lost their businesses, and they find it hard to recover. Up till now, many have committed suicide due to the high accumulation of depth, and some countries have entered depth that they are still struggling to pay, so to me, strategies need to be followed in order to minimise and manage the economy worldwide to reduce the effects that inflation is trying to cause.

[franky1]

Things don't look good and I think at this point the only question is whether things are going to get worse or remain bad. After all even if for example energy crisis were to be solved and prices came down (eg. oil to $30), it still takes a year or two for economy to go back to normal and we don't see any reason for that crisis to end yet.

just wait till you read that oil reserves forecasting even from the pre1980's gulf war days of oil crises, knew reserves would be unsustainable in 2050 and so energy companies drum up climate reasonings for why the tax payer has to fund energy companies diversification to keep these companies running without them using their own profits to modify their business model to survive on their own.

This is exactly why they haven't yet brought the interest rates down despite the recession that it has caused. Which is another reason why things aren't going to get any better any time soon, the rates are still too high for things to get better. And recession isn't something that goes away easily while every day rates remain high the recession grows...

just wait till you read how the trickle down economics, hasnt tricked down fully. most new money is hoarded in top echelons of corporations and causing the rich-poor great divide. requiring interest rates to continue to alter to try to tame the tide

And that's just one crisis. There are still a couple more like the fact that we still have the growing armed conflict. The other day I heard something about some European countries preparing their population for war!!! Sweden and Germany if I'm not mistaken are already predicting war in the near future and NATO has already deployed 90k troops to Eastern Europe borders.

just wait till you read about blackrock doing a massive ukraine land grab to redevelop ukraine

[Fortify]

The global economy is yet to stand upright after the Covid-19 pandemic. The uncertainty in the economy remains the same in 2024. Covid-19 has affected the global economy but Russia and Ukraine war affect more than the pandemic. A large part of economists think that we will not fully recover from its effects this year either. They believe that due to high interest rate policies and geopolitical difficulties in most countries in the world, an unstable environment has been created in almost every part of the world.

A survey by the WEF- World Economic Forum revealed that around 56% of economists think the economy will remain weak in 2024 and 3% of economists think the economy will be worse this year than ever before. Overall, a large portion of economists think that the unemployment rate will also increase in the labor market. Moreover, the International Labor Organization (ILO) has expressed an opinion where they think 20 people will enter the target in 2024, unemployment rate may rise to 5.2 percent which was 5.1 percent in the previous year due to the low rate of employment. However, 57 percent of economists though provide negative attitude, while 43 percent of economists gave good news. They expect the economy to be stronger in 2024.


On the other hand, the International Monetary Fund (IMF) is of the opinion that due to trade barriers in various countries, production will decrease, resulting in lower income economies suffering more.

Do you think the economy will be stronger in 2024 or could it be weaker?

It feels like the world is in quite a fragile place at the moment and there are vulnerabilities that could cause economic progress to go in reverse or stall. Last year felt a bit like we were in the midst of a recession but no one really acknowledged it, partly because unemployment stayed near record lows in many countries. It feels like inflation has been brought under control, which was a crisis by itself and unbalanced a lot of things, so if it continues to trend down it could be quite a pleasant year. Hopefully if some of the conflicts and wars taking place come to an end, we could start healing again and everyone would start to focus on more productive things than trying to kill each other.

[Faisal2202]

Do you think the economy will be stronger in 2024 or could it be weaker?

I think the economy will improve in this year, I did not know the fact that war has put worse bad impact than the pandemic, which is a really shocking fact if it is true because I was not affected by the war in any way but in the Pandemic I and my family was affected financially. So I will not say I don't disagree with that fact but at the moment I doubt that fact.

Besides that, many big companies and other small vendors must have some of there amount as investments in BTC for the long term, and if BTC sets its ATH in this bull run even it's not, still those will be making enough profit that they can cover it their losses from other economical losses they will make in 2024.

Talking about the unemployment rate, I will say, that's not a big jump from 5.1 to 5.2 and even that's just a prediction, I have seen people leaving jobs for online work, more and more people are not joining corporate jobs because they have seen the true power of online work, people with corporate jobs are also somehow managing two job one corporate and other is online. To manage there expenses. So, Overall I will say, economy will improve more in 2024 and in 2025 considering there will be no war, and other types of pandemics.

[topbitcoin]

When compared with previous years, it seems that the global economy is starting to improve, although it is very difficult to recover completely. Here I do not have the ability to predict the future, and this is only an estimate, regarding the prospects for the global economy in 2024, this can be influenced by various factors so it is difficult to predict accurately. And these factors include political conditions, technological developments and global events that have occurred and will occur, all of which play quite an important role in a global economy. And indeed, with the outbreak of war between Russia and Ukraine, as well as the resurgence of conflict in the Middle East, this is a concern in the economic and trade sectors, especially regarding energy and food availability.

However, remember that economic forecasts always involve a level of uncertainty, so that wisdom in making decisions, especially financial decisions, is something that is very important for us to continue to pay attention to.

[serveria.com]

The global economy is yet to stand upright after the Covid-19 pandemic. The uncertainty in the economy remains the same in 2024. Covid-19 has affected the global economy but Russia and Ukraine war affect more than the pandemic. A large part of economists think that we will not fully recover from its effects this year either. They believe that due to high interest rate policies and geopolitical difficulties in most countries in the world, an unstable environment has been created in almost every part of the world.

Image

A survey by the WEF- World Economic Forum revealed that around 56% of economists think the economy will remain weak in 2024 and 3% of economists think the economy will be worse this year than ever before. Overall, a large portion of economists think that the unemployment rate will also increase in the labor market. Moreover, the International Labor Organization (ILO) has expressed an opinion where they think 20 people will enter the target in 2024, unemployment rate may rise to 5.2 percent which was 5.1 percent in the previous year due to the low rate of employment. However, 57 percent of economists though provide negative attitude, while 43 percent of economists gave good news. They expect the economy to be stronger in 2024.

Image

On the other hand, the International Monetary Fund (IMF) is of the opinion that due to trade barriers in various countries, production will decrease, resulting in lower income economies suffering more.

Do you think the economy will be stronger in 2024 or could it be weaker?

Undoubtedly, world economy is not going to resume growth until the war is over. But I have a gut feeling that war is going to end later this year, probably fall or winter. So there's a fair chance of growth resuming in 2025. Good news is that it will coincide with Bitcoin's four year cycle's top.

[WhyPlease]

Inflation has slowed down considerably so hopefully the Fed and the ECB will lower rates and the economy will gain some momentum. Uncertainty remains high though... wars in Ukraine and Israel, the Houthis creating problems with shipping lanes, and most importantly the CCP in China, which is dealing with troubled internal situation and might look at Taiwan to regain some popularity with a crazy action.

In summary, things are getting better... but there are still a lot of things that could go bad. Just my 2c

[Darker45]

At least at this point, I think 2024 is probably better than 2023. The previous year was at the early stage of recovery from the pandemic. There was so much monetary injection earlier. There was the inflation rising way beyond targets. There was the Russian invasion. There was Israel attacking Gaza. Although the conflicts haven't ended yet, oftentimes, beginnings have a stronger impact at least economically. And the conflicts have winded down a bit. Although it seems a fresh round of trouble is brewing in the Middle East, that region isn't new to it.

But what's particularly interesting is that both positive and negative outlooks are valid from certain perspectives. In a way, my parents and grandparents' stories are similar in that both are characterized by economic struggles and challenges. Life back then was hard. This is a very common line among stories of old. And yet they carried on and life probably gets better year after year.

[pooya87]

Another important thing to consider this year is that 2024 is the year of elections. There are a bunch of elections that could change the course of the world this year.

For example the elections in Taiwan that was in January 13. I don't follow that closely but some summaries from reliable source I read say those who won, moved China and Taiwan a big step closer to war. We know that this war would affect the global economy and the size experts suggest is $10 trillion.

Other important elections are US presidential elections in November, Russian presidential election in March both of which could affect the proxy war going on between NATO and Russia and consequently the economy.
And of course a lot of other countries that are seeing significant changes in their political scene (like in Europe) moving towards more "radical parties" that are making more radical decisions for their country which makes things unpredictable.

https://en.wikipedia.org/wiki/List_of_elections_in_2024