World economic outlook 2024

Mayhem

Senior Member
Zenith
Messages
6,742
Do members here feel or sense a real downturn in financial markets this year, off the back of Covid/rising inflation tackling measures?

WASHINGTON, Jan. 9, 2024As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024 —the slowest half-decade of GDP growth in 30 years, according to the World Bank’s latest Global Economic Prospects report.

By one measure, the global economy is in a better place than it was a year ago: the risk of a global recession has receded, largely because of the strength of the U.S. economy. But mounting geopolitical tensions could create fresh near-term hazards for the world economy. Meanwhile, the medium-term outlook has darkened for many developing economies amid slowing growth in most major economies, sluggish global trade, and the tightest financial conditions in decades. Global trade growth in 2024 is expected to be only half the average in the decade before the pandemic . Meanwhile, borrowing costs for developing economies—especially those with poor credit ratings—are likely to remain steep with global interest rates stuck at four-decade highs in inflation-adjusted terms.

Global growth is projected to slow for the third year in a row—from 2.6% last year to 2.4% in 2024, almost three-quarters of a percentage point below the average of the 2010s. Developing economies are projected to grow just 3.9%, more than one percentage point below the average of the previous decade. After a disappointing performance last year, low-income countries should grow 5.5%, weaker than previously expected. By the end of 2024, people in about one out of every four developing countries and about 40% of low-income countries will still be poorer than they were on the eve of the COVID pandemic in 2019. In advanced economies, meanwhile, growth is set to slow to 1.2% this year from 1.5% in 2023.





 

Einstein

Temporal Engineer
Messages
5,401
The perception of growth in the US economy is based completely on belief and trust. But the facts are not matching up. For months now large corporations have been laying off ten's of thousands of people. It was just last month that it was reported that the job growth numbers were actually all government jobs. No growth in the private sectors. It looks like we are actually headed for a cliff drop. I honestly think the US government has been overtaken by hostile forces.
 

Mayhem

Senior Member
Zenith
Messages
6,742
Yeah,

Black Rock just let go 3% of their worldwide workforce citing industry changes.

Things are gaining speed a little its starting to become fairly obvious, can't keep printing to gloss the pot!
 

MODAT7

Active Member
Messages
553
Bidenomics: over taxing, over regulating, burdening citizens with BS, and LYING about everything trying to spin it to look good.

Biden spent 1/3 of last year on vacation while the average person gets 2 weeks, if that much in a down economy. Maybe Biden being out was a good thing because there was less for him to screw up.

@Einstein already mentioned the government sector growing, WHICH IS THE WRONG WAY THINGS SHOULD GROW. More people in the gov means more taxes have to be collected to pay them for doing useless jobs. A kind of "government wellfare" for people who are usually smart enough to get real productive jobs.

Combine this with real world layoffs, and things aren't looking very good.

I was really hoping Vivek Ramaswamy would have polled better because he wants to lay off large sectors of the government. Then again, the idiot politicians would take the newly freed money and spend it on something stupid, just like all the other times.

With US national debt interest payments reaching $1 TRILLION, we'll need to borrow more to pay all that off every year. (see the dark joke?)
 

Einstein

Temporal Engineer
Messages
5,401
MODAT7 my solution would be to eliminate the power of the purse permanently. No more government salaries. An all volunteer status government based on a constitutional aptitude test for eligibility. I think that approach would eliminate all the career politicians who are just there for the exorbitant salaries. No more government created inflation due to printing money!
 

MODAT7

Active Member
Messages
553
...and would eliminate ditzy bartenders becoming congresswomen...

AI will take over eventually. It will be hailed as our savior, but then it will turn into Skynet...
 

Mayhem

Senior Member
Zenith
Messages
6,742

Britain falls into recession, with worst GDP performance in 2023 in years.

The United Kingdom has slipped into recession just months ahead of a general election, official figures showed Thursday, derailing Prime Minister Rishi Sunak’s pledge to generate economic growth.

Gross domestic product fell 0.3% in the final three months of 2023, following a 0.1% contraction in the July-to-September period, the Office for National Statistics said. A recession is commonly defined as two consecutive quarters of contraction.

“All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery,” ONS director of economic statistics Liz McKeown said in a statement.


The ONS estimates that UK GDP increased by a meagre 0.1% in 2023. That’s the worst performance since 2009 when the economy was still reeling from the global financial crisis, if 2020, which was affected by the pandemic, is excluded. Last year’s weak rise in output follows growth of 4.3% in 2022.

“Across 2023 as a whole the economy has been broadly flat,” McKeown said.





 

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