Economic outlook

The global economy continues to be beset by the challenges of relatively high interest rates and dampened growth prospects. In its economic forecast from January 2024, the IMF expects global economic growth in 2024 to remain at the prior-year level of 3.1 %. Tougher financing conditions, weak trade growth, and diminished business and consumer confidence are negatively impacting the economic outlook. Growing geopolitical tensions are further contributing to increased uncertainty about the economic outlook. Despite these challenges, we expect moderate growth for our core markets for the full year 2024.

The following table shows the expected GDP growth rate trends and the change in harmonized consumer prices in our most important markets for 2024 and 2025.