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Economics

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16 views2 pages

Economics

Uploaded by

Sarah Alonzo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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With the world still riding the waves of the COVID-19 pandemic, there is that streak of cautious

optimism, coupled with uncertainty about the current state of structural shifts and the outlook for
economic performance. 2024 has been marked by complex recovery efforts, resilient challenges, and
changing dynamics across various regions. On a global level, the economy seems to be self-adjusting in
economics after the pandemic.

The International Monetary Fund noted that global economic growth would slide to 2.9 percent in 2024
from 3 percent forecasted earlier in 2023. The Organization for Economic Co-operation and
Development broke out a similar forecast, Global GDP to grow by 2.9 percent in 2024. These growth
rates reflect a continuing level of growth below the trend, marking some of the lowest rates since the
global financial crisis, except for the pandemic period, when the outlook of the World Economic
Forecast was 3.2 percent in 2024 and 3.3 percent in 2025 back in last April 2024.

According to the World Bank, much of the growth will be expected to come from EMSEs. However, such
recoveries in those areas are tempered by political instability and conflict, including adverse weather
events.

Regional dynamics in the world's largest economy, the United States, have been quite resilient. Its
growth rate is forecast at 2.6 percent in 2024. This is an increase of .1 percent from their last year of 2.5
percent. The World Economic Forum is still projecting modest growth in the United States economy as
the rise in economic performance in the new emerging markets and developing economies in their area
continues to build, citing labor market stability as the key. While the Federal Reserve has been ultra-
cautious with interest rate setting, there are expectations that possible cuts later in the year will spur
activity and prop up equity markets. The United States' biggest economic contributor is the finance,
insurance, real estate, rental, and leasing industry, other significant contributors include the healthcare
and technology sectors which played crucial roles in their economic growth and status.

The euro area is projected to register a slower expansion of 1.2 percent, amidst serious concerns for the
negative energy supply disruptions and likely inflationary pressures. The economy of Europe is highly
varied, with growth conditions differing significantly from country to country. While structural
challenges, such as aging populations and decarbonization needs, are common in virtually all central
European countries, competitive labor costs and improving infrastructure remain as strong positive
investment attractions. Germany remains the largest net contributor to Europe's budget and overall
economic output by characterized stagnation in economic activities, this period where Germany entered
technical recessions and persistent high inflation to maintain overall economic stability. followed by
France, which contributes help support to various economic activities and development projects across
Europe, promoting economic stability and growth.

Asia, particularly South and East Asia, continues to demonstrate robust economic activity. China remains
a key driver of regional growth, although forecasts have shifted from strong to moderate due to
domestic and external challenges. However, Japan shows resilience, supported by strategic monetary
policy interventions aimed at stabilizing financial conditions. While, the Philippines anchored on historic
high employment levels, acceleration of tourism, and increasing investment registration activities which
grew by 5.3 percent in 2023. The Philippines government projects GDP growth of 6.5 to 7.5 percent this
year despite many external and domestic headwinds.

To sum up, the world economy in 2024 lies in the background of the continuation of difficulties and
opportunities with the outlook for modest growth. The global forecast of the world economy is 2.9%
growth, which shows a lingering expansion below the trend supported by both the International
Monetary Fund and the Organisation for Economic Co-operation and Development in complete
agreement. This sets some of the lowest growth paths since the global financial crisis, excluding the
pandemic period. The world economy remains on a recovery path but is under the influence of structural
adjustments and geopolitical uncertainties.

In a conclusion, the global economic outlook for 2024 will be characterized by cautious optimism but
fraught with numerous challenges. The making of policies and the process of participation requires a
host of factors to be negotiated to attain growth with stability. Only by addressing the structural issues,
leveraging strategic investments, and facilitating international cooperation will the global economy surge
forward toward a more resilient and inclusive future. Ahead will lie adaptive strategies and collaborative
efforts in which recovery benefits are wide-ranging and that the global economy is better placed to meet
future challenges.

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