On Monday, the chief global economist’s survey was released with data showing that 56% of those surveyed predict global economic stability to weaken throughout 2024, with high levels of regional disparities and supply chain divergences.
Economists gather at Davos to discuss global outlook
The survey, conducted at the beginning of each year before the World Economic Forum’s (WEF) annual meeting in the Swiss resort of Davos, collects data from over 60 chief global economists in both public and private sectors and aims to educate policymakers on worldwide economics.
Many of the surveyed experts noted that the disruptive impact of artificial intelligence (AI) and geopolitical warfare were two of the main causes for a tumultuous year, especially within Eastern Europe.
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The US and China, however, are predicted to recover slightly, with the latter still trying to gain financial ground after its post-pandemic economy fights to survive. South Asia, East Asia and Pacific regions show a more positive growth expectancy as inflation begins to stabilise, with 70% of those surveyed predicting an easing of current labour market tightness.
Interestingly, 94% of the surveyed economists believe AI will help boost profits and productivity in high-income economies, with 53% agreeing that AI will have similar benefits for low-income economies.
Saadia Zahidi, managing director for World Economic Forum, shared the sentiment, suggesting that “addressing key challenges” is essential when reigniting global growth, although she warned that “growth alone is not enough”.
