The financial world has a lot of expectations from this year. This year, the world’s attention is on India as the fastest growing major economy. Then the impact of AI and climate change on China’s economy is being closely watched. And the world is hoping to get rid of the frequent serious wars that have occurred in the past few years. But will it be possible? This year the Indian economy is going to become the most dynamic economy in the world. Hanuman A India’s GDP growth rate for 2024 is 6.1 percent. Which is more than the development of rival China.
This is twice the average growth of the G20. And the growth rate of the world’s largest economy is four times that of America. However, do not get into the trap of analyzing these statistics. But in terms of size, the top rival economy is many times bigger than India. However, this year there are many economic challenges that not only India but the entire world has to face.
Table of Contents
Economic Outlook 2024 Artificial Intelligence:
There is going to be a lot of talk about artificial intelligence, but what does this talk mean? Will it have full control over information related to people? Will there be a need to regulate this new technology through legislation? Will the world come together to do it? So far America and China are the most advanced in this regard. Can companies from other countries compete with them?
Economic Outlook 2024 Climate Change
Droughts, floods and cyclones, these extreme weather events driven by climate change are threatening the world economy. Despite global understanding, the world’s carbon footprint in 2023 will be the largest in history.
Will a global system be formed to control polluting countries? The European Union’s plan is to tax global companies that emit carbon, which is already opposed by countries such as China and India.
Economic Outlook 2024: Will Debt Be Cheaper?
Central banks of major economies such as the United States, Eurozone and India have significantly increased interest rates to counter monetary pressure. Due to which there is a danger of economic growth decreasing. So will it be cheaper to take a loan this year? The US central bank, the Federal Reserve, may reduce interest rates mid-year. Then the Central Bank of Europe will do the same thing. If this happens, cheap capital around the world could boost economies around the world.
Economic Outlook 2024 What will happen to China?
Many experts see China’s development as the biggest threat to the world economy. The world’s second-largest market is still facing many problems. The real estate crisis, debt and manufacturing are shrinking, youth unemployment in China is at an all-time high and the aging population is growing. Due to China’s troubles with western countries, there have been various bans on the matter. Mostly in the case of computer chips. And the fear is that the relationship may deteriorate further in the future.
Read also:Budget 2024 expectations: with important distinctions
Economic Outlook 2024 Geopolitical uncertainty
China’s invasion of Taiwan and fear of occupation are warning of great fear in the Indo-Pacific region. Overall, there is a lot of tension in global geopolitics. Russia shows no sign of peace in Ukraine war. No solution to the Israel-Palestine conflict is emerging. Due to these political crises, the world is dealing with expensive energy, food insecurity and many other problems.
The new year is not as new as before but if this year is to be made a successful year the whole world will have to fight with many obstacles and setbacks. And this is the most serious issue of the economic outlook 2024.
