Wahyu Dwi Anggoro
IDXChannel - More than eight in ten chief economists expect the global economy to either strengthen or remain stable this year, nearly double the proportion in the previous report, according to The latest Chief Economists Outlook released by the World Economic Forum (WEF) on Wednesday (29/5/2024).
The share of those predicting a downturn in global conditions declined to 17% from 56% in January.
“The latest Chief Economists Outlook points to welcome but tentative signs of improvement in the global economic climate,” said WEF Managing Director Saadia Zahidi in a media release.
Nevertheless, some 97% of respondents anticipate that geopolitics will contribute to global economic volatility this year. A further 83% said domestic politics will be a source of volatility in 2024, a year when nearly half the world's population is voting.
“This underscores the increasingly complex landscape that leaders are navigating. There is an urgent need for policy-making that not only looks to revive the engines of the global economy but also seeks to put in place the foundations of more inclusive, sustainable and resilient growth," he added.
The surveyalso reveals a significant boost in the outlook for the United States (US), where nearly all chief economists (97%) now expect moderate to strong growth this year, up from 59% in January.
Asian economies also appear robust, with all respondents projecting at least moderate growth in the South Asia and East Asia and Pacific regions. However, expectations for China are slightly less optimistic, with three-quarters expecting moderate growth and only 4% predicting strong growth this year.
By contrast, the outlook for Europe remains gloomy, with nearly 70% of economists predicting weak growth for the remainder of 2024. Other regions are expected to experience broadly moderate growth, with a slight improvement since the previous survey. (WHY)
