Despite mounting macro challenges, the global economy has managed to remain resilient, but there is growing divergence in growth expectations across regions.
After climbing to multi-year highs, interest rates are expected to stabilize in 2024. While higher for longer remains the base case, there is potential for moderate rate cuts.
Inflation is expected to continue to moderate albeit still remain elevated in 2024, with service inflation expected to fall as labor markets soften and wage pressures ease.