Economic and Market Outlook 2024
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Consumption was supported by strong income growth, the drawdown of pent-up savings and a roll-over in inflation. In some regions we also saw a pick-up in private sector investment as well as large fiscal stimulus measures. While the global manufacturing sector struggled, the services sector boomed as it benefited from post-pandemic demand shift from goods to services.
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Global growth was in no way uniform, with the US a standout outperformer while the Chinese economy struggled to gather pace. As we move into 2024, we expect the US and other overheated economies to cool as recent supporting factors fade or roll off completely:
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2023 will likely go down in economic history books as the year of economic resilience. Indeed, despite numerous growth headwinds created by high interest rates, tighter bank lending standards and a slowdown in the manufacturing sector, the global economy continued to expand at a reasonable pace.
Consumption was supported by strong income growth, the drawdown of pent-up savings and a roll-over in inflation. In some regions we also saw a pick-up in private sector investment as well as large fiscal stimulus measures. While the global manufacturing sector struggled, the services sector boomed as it benefited from post-pandemic demand shift from goods to services.
Global growth was in no way uniform, with the US a standout outperformer while the Chinese economy struggled to gather pace. As we move into 2024, we expect the US and other overheated economies to cool as recent supporting factors fade or roll off completely:
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This article was originally published by a www.mercer.com . Read the Original article here. .