Pessimistic Global Economic Outlook in 2024; China’s Downturn Persists

The post-pandemic period is ’strange, extraordinary, and difficult to analyze,' said Christine Lagarde, ECB president, in Davos.

(L-R) President of the European Central Bank (ECB) Christine Lagarde, Co-chairman of the private equity firm of The Carlyle Group David Rubenstein and German Finance Minister Christian Lindner attend a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on Jan. 19, 2024. Fabrice Coffrini /AFP via Getty Images

At the recent World Economic Forum convened in Davos, Switzerland, business and political leaders expressed general pessimism about the global economy for 2024 due to geopolitical conflicts and other uncertainties.

Economic observers suggest that China’s sluggish economy will be further exacerbated amid a weakening global economic landscape, which is partly reflected in foreign capital outflows and soaring energy costs, among others.