The Global Economy Is Not Out of the Woods
As geopolitical tensions spike and interest rates remain elevated, 2024 is poised to be yet another tumultuous year for the world economy. This is especially true for emerging markets, which managed to avert a crisis in 2023 but could struggle to do so again if global growth fails to meet expectations.
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CAMBRIDGE – The global economy was full of surprises in 2023. Despite the sharp rise in interest rates, the United States successfully avoided a recession, and major emerging markets did not spiral into a debt crisis. Even Japan’s geriatric economy exhibited stunning vitality. By contrast, the European Union fell behind, as its German growth engine sputtered after China’s four-decade era of hypergrowth abruptly ended.