Global Economy Attains Stability, may Affect Consumers Behavior

By Shubhendra Anand , 21 November, 2024

The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic stability after a long period in 2024.

Based on the surveys, global economic growth is expected to reach a 2.6 percent increase in 2024. Researchers believe economic growth will increase by 2.7 percent in 2025-2026. The rise in the stability percentage of the economic ground seems like a regulating factor for global gross domestic product (GDP) growth in 2024. However, the truth lies in the economic stability from 2024. It shows that the current GDP growth rate is still lower than that of ten years ago. Hence, there is not much growth overall in economic stability. However, globally, the nations are succeeding in overcoming economic downturns but at a slow pace. The survey data shows that 80 percent of the global population will experience slow growth despite economic stability. It will occur in the period from 2024 to 2026. In low-income countries, the GDP growth is expected to be 5 percent in 2024. Hence, the growth rate in low-income countries shows an upward trend from 3.8 percent in 2023.

The stability in the economic graph after three years affects the consumer's behavior in 2024. Consumers will likely make significant investments or invest in luxury items and experience a downward trend in 2024. This may affect the housing projects and the automotive industry. The market trend will be more drawn towards affordability as consumers may opt for more budget-friendly products. Consumers' behavior towards the energy market is anticipated to change, too. In order to support economic conditions, consumer behavior can lead to less energy consumption and opting for sustainability. Hence, it will help to enhance the clean energy transition to achieve net zero emissions by 2050.

               Contribution of different countries in the global economic growth in 2024