Continued interest rate hikes in major economies mean global economic growth is likely to slow next year after beating expectations in 2023, FT reported.
According to a set of forecasts by consultancy Consensus Economics, output growth will be 2.1% in 2024, down from the 2.4% expected this year.
According to Simon Macadam, senior global economist at Capital Economics, part of the slowdown in 2024 will be due to “some basic arithmetic effects” where the increased output this year will result in a leveling off of growth next year.