Global Economic Outlook for 2024

The global economy faced a high degree of difficulty in 2023, but it earned high marks with continued growth, labor markets remaining strong, and declining inflation amid the ongoing expansion. The soft-landing narrative has considerable allure, but the three-year-old expansion is vulnerable. Higher interest rates are exacting an increasing toll, and the cycle has been challenged by an unsettling series of unfortunate events. In this special report, the Northern Trust Economics team shares its outlook for growth, inflation, employment, and interest rates in the year ahead.