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61% say global economy to weaken in 2024: WEF Chief Economists Outlook

18 Sep '23

1 min read

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Insights

Recession concerns seem to have eased, but the World Economic Forum's latest Chief Economists Outlook remains anaemic as the world grapples with political and financial headwinds.
Sixty-one per cent of respondents said the global economy is likely to weaken in 2024.
Eighty-six per cent of chief economists are optimistic that the global inflationary surge will ease.

Recession concerns appear to have eased, but the September 2023 Chief Economists Outlook published by the World Economic Forum (WEF) remains anaemic as the world grapples with political and financial headwinds. Sixty-one per cent of respondents said the global economy is likely to weaken next year.

Eighty-six per cent of chief economists are optimistic that the global inflationary surge will ease following looser labour market conditions and fading supply-chain pressures.

According to a significant majority of chief economists, the weak economic outlook is likely to have a lasting impact on progress towards global development goals in the coming years. Seventy-four per cent said geopolitical tensions will have the same effect.

Ninety per cent feel geopolitics will be a source of global economic volatility.

Ninety-seven per cent and 76 per cent of them expect private capital to effectively drive progress in digital transformation and energy access and affordability respectively. Only 19 per cent feel private capital progress in economic equity.

Fifty-nine per cent of the economists expect developing economics to face an increasing trade-off between responding to climate change and closing development gaps.

Sixty-eight per cent feel labour market conditions will loosen in advanced economies.

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