WEF – Chief Economists Outlook, May 2024

Chief economists are cautiously optimistic about the global economy in the May 2024 Chief Economists Outlook. The survey shows a significant decrease in the number of chief economists expecting global conditions to weaken, with concerns surrounding geopolitics and domestic politics as potential sources of volatility. Respondents are more positive about the impact of rapid technological advances, particularly artificial intelligence. Growth outlooks are more optimistic in the US and parts of Asia, while Europe remains stagnant. Inflation expectations are moderating, driven by supply chain optimism but with concerns about labor-market conditions. Monetary policy is expected to become less synchronized, with some regions already showing signs of loosening. The survey highlights challenges facing decision-makers, including heightened complexity and tensions between political and economic dynamics. Factors expected to drive corporate decision-making in 2024 include the overall health of the global economy, monetary policy, financial markets, and labor conditions. The report underscores the importance of considering these factors when navigating the current economic landscape.