The global economy faces a year of subdued growth prospects and uncertainty stemming from geopolitical conflicts, tight financial conditions and the disruptive impact of artificial intelligence, according to a survey of chief economists released on Monday (15.01.2024).
The survey, of more than 60 chief economists drawn globally from the public and private sectors, conducted each year ahead of the World Economic Forum's (WEF) annual meeting in the Swiss resort of Davos, attempts to outline priorities for policymakers and business leaders.
World Economic Outlook. More than half of the economists surveyed (53 percent) predict weaker global economic conditions, but with differences across regions.
Regional performance expectations. Most expect moderate growth in China and the United States, weak or very weak growth in Europe, and positive growth in South Asia and East Asia and the Pacific. Growth expectations for Latin America and the Caribbean, sub-Saharan Africa, and Central Asia rise significantly, although opinions continue to point to generally moderate growth.
“While technological advances can provide a new boost to global productivity, policies that enhance good quality growth are needed to revive global momentum and balance the impact across all income groups,” the survey said.
In addition to geopolitical developments, the impact of artificial intelligence is expected to fuel volatility in the global economy, according to 87 percent of economists.
Six in 10 (57 percent) also expect these conditions to increase inequality and widen the North-South gap over the next three years.
The lack of consensus on such issues analyzed by economists reflects the impact on economies and societies.
In this regard, the Forum published - separately - a report on "Global Risks 2024". And it concluded that Importance of open and cooperative dialogue, as well as the agreements, stressing that they are especially vital in a “post-Brexit and post-pandemic world” where geopolitical fragmentation is increasingly on the rise.
Thus, the annual meeting of the World Economic Forum will be held to discuss such problems, in Davos, from 15 to 19 January 2024. (Global Risks 2024 Report ) (Chief Economists' Outlook, January 2024)
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