Economic Experts Expect 2.6% Growth Worldwide

Economic experts from around the world are expecting this year’s growth rate to average 2.6%, which is roughly the same as the previous year’s figure of 2.7%. These are among the findings of the Economic Experts Survey, a quarterly survey conducted by the ifo Institute and the Swiss Economic Policy Institute. For the eurozone, the respondents expect a more pessimistic 1.5%. For the UK the figure is 0.5%, for Ireland 2.8, for the US 2.4 and for Canada 1.2%. Germany stands at 0.6%. “Even though the experts predict a slight increase in economic output following the drop in 2023, Germany still lags far behind other countries,” says ifo researcher Klaus Gründler.

Another country in which the experts expect growth to be lower than in Germany is Sweden (0.4%). Stronger growth is forecast for Spain (2.0%), Poland (2.8%), Ireland (2.8%), and Iceland (3.3%). In terms of global growth, respondents in Africa and Asia in particular expect high growth rates (3.6% each).

The experts are more optimistic about the medium and long term, predicting global growth of 2.9% for 2025 and 3.3% for 2027. For Germany, the experts expect growth rates to rise over the medium and long term, but at comparatively low levels: 1.2% (2025) and 1.5% (2027).

A total of 1,431 economic experts from 124 countries participated in the survey from December 7 to 21, 2023.

https://www.ifo.de/en/press-release/2024-01-23/economic-experts-expect-growth-worldwide