Global Economic Survey 2024: Geopolitical uncertainty weighing on global growth prospects amid signs of recovery
The Eurochambres Global Economic Survey 2024 (GES2024) was published last week, with participating business organisations representing around 70% of total world gross domestic product.
GES2024 pinpoints geopolitical tensions and instability as the primary concern for the international business community. Concerns relating to supply chain disruption, access to raw materials, and energy security also rank among the most significant global economic challenges for the year ahead.
Despite the challenging economic landscape, signs of resilience and recovery emerge in various regions, though growth trajectories remain uneven. GES2024 participants from developed economies express a more cautious growth outlook, while those from emerging economies display more optimism for the year ahead. Business confidence overall is rising in the year ahead and several regions including the US and China also anticipate increases in foreign direct investment , while levels for Europe are set to remain constant.
For the Brazilian G20 Presidency, GES2024 participants prioritise global approaches to trade and climate. Issues such as carbon border adjustments and the facilitated flow of green goods and services remain high on the agenda for global business leaders.
According to GES2024, geoeconomic fragmentation poses a significant short-to-medium threat to global trade. Participants advocate for public policies that focus on diversifying raw material supply chains and promoting investments in renewable energy and green technologies. Furthermore, investing in digital infrastructure and pursuing harmonized legislative frameworks are deemed essential tools to foster SME digitalization, crucial for strengthening global business resilience.
Lastly, as the 13th WTO Ministerial Conference is kicking off I Abu Dhabi this week, GES 2024 participants prioritise outcomes in digital trade, dispute settlement, and an ambitious MSME agenda as key deliverables.
Read the Global Economic Survey 2024.