This year, global growth is predicted to weaken due to increasing geopolitical tensions by top economists.

• The World Economic Forum's survey of chief economists reports that the global economic outlook is uncertain.
• In 2024, the global economy is predicted to weaken by 56% of the economists surveyed.
• According to WEF's report, approximately 87% of respondents anticipate that recent geopolitical developments will increase global economic instability in the next three years, and eight out of ten expect it to intensify volatility in stock markets.

A significant number of economists, as per a survey by the World Economic Forum, anticipate a global economic slowdown this year due to increasing geopolitical divisions globally.

WEF's report, published Monday, stated that global economic prospects are still uncertain and uncertain.

Despite positive developments such as decreasing inflationary pressures and advancements in AI, businesses and policy-makers still face challenges due to slow global economic activity, tight financial conditions, and growing geopolitical rifts and social strains.

In 2024, the global economy is expected to weaken by 56% of the 30 chief economists surveyed between November and December last year, while 20% anticipate no change and 23% forecast "somewhat stronger" economic conditions.

The International Monetary Fund anticipates a slight decline in global economic growth from 3% to 2.9% in 2024.

The WEF survey reveals that economists have varying expectations for different economies, with Europe being the most pessimistic. In fact, 77% of those surveyed predict a weakening of growth in Europe this year, which is almost double the figure from September's survey.

In the latest survey, the economists' outlook on the U.S.'s growth prospects has become more pessimistic, with the percentage of economists forecasting moderate or higher growth this year falling from 78% to 56%.

The majority of respondents (69%) anticipate moderate economic growth for China, while their outlooks for South Asia, East Asia, and the Pacific remain positive and unchanged.

The economists' main concern was geopolitical divisions, as 69% of them predicted that the rate of geopolitical fragmentation would increase in 2024.

The report stated that geopolitical factors are increasingly important in macroeconomic and financial developments, as chief economists have assigned them a significant role when asked about the implications of recent developments.

Recent geopolitical developments are expected to increase global economic instability in the next three years, with eight out of ten anticipating it to intensify volatility in stock markets.

After a year of heightened geopolitical tensions, including Russia's ongoing war in Ukraine, strained China-U.S. relations, and concerns about a broader conflict in the Middle East due to the Israel-Hamas war.

In 2024, there will be a record number of people voting in elections, with more than 75 countries participating, including major economies such as the U.S. and U.K.

The majority of economists surveyed by WEF expect a more positive outcome, with 70% anticipating a loosening of financial conditions.

The report shows that across all regions, economists' expectations of high inflation decreased, with notable improvements in Europe and the U.S. However, two-thirds of those surveyed still anticipate moderate inflation in both regions.