Forecast

We expect the global economy to grow by 2.3% in 2024, slightly weaker than in 2023 (+2.6%). The sharp rise in interest rates over the course of 2023 is expected to dampen growth in the United States and Europe and the catch-up effects in services consumption are anticipated to weaken. We expect that the demand structure will gradually normalize and that the share of goods consumption in private consumption will rise again. We expect growth of 2.2% for global industrial production (2023: +1.4%). Following the sharp declines in many countries in the previous year, we expect slightly stronger growth of 2.7% for global chemical production (2023: +1.7%).