In 2024, it marks 5 years since the global economy began to recover from the consequences of the COVID- 19 pandemic, with macroeconomic conditions nearly returning to pre-pandemic levels.
According to the International Monetary Fund (IMF) report, global economic growth in 2024 is expected to reach 3.2%. Inflation continues to decrease, and in many developed countries, inflation is gradually approaching central banks’ target levels, due to a sharp drop in the prices of food, energy, and goods. The global average Consumer Price Index (CPI) in 2024 is 5.8%, and it is expected to continue decreasing in the coming period. Global economic growth and inflation over the next 5 years are expected to return to a “normal” phase, with GDP growth forecast at 3.2%—slightly lower than the 5- year average before the pandemic, which was 3.4%— and the CPI is expected to rise slightly to 3.6%, up from 3.2% before the pandemic.
After the COVID-19 pandemic passed, global trade activities have recovered and gradually stabilized.
However, with many countries adopting protectionist trade policies, especially the escalation of the US – China trade tensions, global supply chains have faced new pressures. In response, global corporations are seeking ways to diversify their supply sources for raw materials and invest in technology development to optimize production processes.
In 2024, mitigating the impacts of climate change continues to be a key policy priority for many countries around the world. Strong investments in renewable energy and green technology have become trends for many countries and businesses. On a global scale, sustainable development policies and carbon emissions reduction have become key policy priorities for many governments and enterprises.
It can be stated that climate change is not only a challenge to global economic growth but also opens up new opportunities for the further development of the global economy.
