IMF: Europe will have the lowest GDP growth in 2024

By: Trademagazin Date: 2024. 02. 13. 13:13

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On the global economic map of 2024, many countries are forced to face risks and challenges. Inflation spikes, increasing debt loads, and declining consumer savings are all factors that can affect the economic status of nations. Based on the January global GDP growth estimate of the International Monetary Fund (IMF), it contains a favorable forecast for Hungary, but at the same time, Europe generally faces lower growth prospects.

The IMF expects a GDP growth of 3.5 percent for Hungary in 2024, which is an outstanding performance compared to the European average, which is around 0.9 percent. Among the main reasons behind the gloomy forecast are low consumer sentiment and high energy prices, which could negatively affect both economic activity and the budget.

In the United States, GDP growth remains moderately strong, but rising real wages stimulate consumption. However, companies are planning staff reductions, so Citigroup, Google, Amazon and Salesforce also announced significant job cuts. UPS, the package delivery giant, also plans to cut 12,000 jobs, adding to the labor market challenge.