Equity markets have started the year on a positive note, with several tech companies hitting record highs. Economic data points to the resilience of the global economy, and the IMF has raised its forecast for global economic growth in 2024. The article outlines projections for the rest of the year, including expectations for interest rate cuts, the New Zealand housing market, discretionary spending, the Chinese and Australian economies, the US presidential election, AI development, uranium as part of the energy transition, and sporting events in New Zealand.
The IMF has raised its forecast for global economic growth in 2024, indicating the resilience of the global economy. This positive outlook is supported by economic data and the performance of equity markets, with several tech companies hitting record highs. The article also highlights expectations for interest rate cuts, which aligns with previous reports of the US Federal Reserve's plan to cut rates in 2024 [006b3695].
The New Zealand housing market is another area of interest for the rest of 2024. The article does not provide specific details about the projections for this market, but it suggests that it will be a topic to watch.
Discretionary spending is expected to play a role in the economic landscape of 2024. As the global economy continues to recover, consumers may have more confidence to spend on non-essential items, which could contribute to economic growth.
The Chinese and Australian economies are also mentioned in the article. While it does not provide specific projections, it suggests that these economies will be important factors to consider in the global economic outlook for 2024.
The US presidential election is another event that will shape the economic landscape of 2024. The outcome of the election and the policies of the new administration will have implications for various sectors and industries.
AI development is expected to continue its growth trajectory in 2024. The article does not provide specific details about the projections for AI, but it suggests that it will be an area of focus and innovation.
Uranium is mentioned as part of the energy transition. As the world shifts towards cleaner and more sustainable energy sources, the demand for uranium is expected to increase.
Lastly, the article mentions sporting events in New Zealand as a factor to watch in 2024. These events can have a significant impact on the local economy and tourism industry.
The article also discusses the expectation of a strong trade performance in 2024. While it does not provide specific details, it mentions that the government and public policy play a role in this projection [90d3cb2b].
Ausbil chief economist, Jim Chronis, provides insights into global economic trends and their impact on Australia. He projects global growth at 3.3% for 2024, driven by a resilient US economy and growth in other economies. Inflation is expected to fall but remain above the 2% target. Europe is in a recovery phase, China is pursuing expansionary fiscal policy, and geopolitical risks pose uncertainty. For Australia, growth is projected at 2% in 2024 and 2.5% in 2025, with a fully employed labor market and falling inflation. Interest rates are expected to be cut once in 2024 and once in 2025. The Australian dollar is expected to appreciate due to China's fiscal policy and increased demand for commodities [ba4b8440].