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Goldman Sachs stands out with a positive 2024 economic forecast, showcasing lower recession odds and a stronger economy. Here's what they're saying:
The global economy outdid itself in 2023, beating expectations.
GDP growth is set to outpace last year's forecasts by 1 percentage point globally and 2 percentage points in the US.
Inflation is cooling off from a fiery 6% in 2022 to a milder 3%, thanks to post-COVID recovery scenarios.
Goldman Sachs' 2023 forecasts reveal stronger than expected global and US GDP growth, outpacing consensus predictions. Graphic Source: Goldman Sachs Global Economics Analyst
Tailwinds Ahead: There's a bunch of good news on the horizon, according to Goldman Sachs:
Real household income growth is strong.
Monetary policy is easing off the brakes.
Manufacturing is on the upswing.
Central banks are ready to step in if growth wanes.
Skepticism Addressed: Doubting Goldman Sachs? Here's a throwback: In November 2022, they called the US recession odds at less than 35% against a 65% consensus. And guess what? They were spot on.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
In a recent episode of the Stay In Your Lane Podcast from Triple T Transport, Allianz Trade North America Chief Economist Dan North shed light on why the anticipated economic recession hasn't yet materialized and its implications on the freight market.
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