Posted 12/17/2023, 3:00:00 PM
World Economy Shows Resilience; Inflation Peaking and UK Growth Revised Up, But 2024 Outlook Unclear
- The world economy has proven more resilient than expected, with lower recession risk
- Inflation peaked and started falling rapidly in the second half of 2023
- UK pay growth remains high at around 7%, fueling further inflation
- UK GDP surpassed pre-pandemic peak; growth revised up to be in line with peers
- Only minor financial turmoil despite sharp rate hikes; outlook for 2024 still unclear