Economic future fraught with uncertainty: WEF

As the World Economic Forum began its annual session in Davos on Monday, the Chief Economists Outlook report says global economic prospects remain subdued and fraught with uncertainty. The global economy continues to grapple with headwinds from tight financial conditions, geopolitical rifts and rapid advances in generative artificial intelligence, says the report released by World Economic Forum. More than half of chief economists expect the global economy to weaken this year, while 43 per cent foresee unchanged or stronger conditions. A strong majority also believes labour markets (77pc) and financial conditions (70pc) will loosen over the coming year. Although expectations for high inflation have been pared back in all regions, regional growth outlooks vary widely and no region is slated for very strong growth in 2024. The Chief Economist Outlook builds on the latest policy development research as well as consultations and surveys with leading chief economists from both the public and private sectors, organised by the World Economic Forum’s Centre for the New Economy and Society.