Economic outlook

As of January 2024.
Forecasts for 2024 rounded to half percentage points.
Source: Oxford Economics

For 2024, the global economy is expected to grow slightly less than in 2023, and growth in the Eurozone is expected to be as weak as in 2023. Global trade in particular will recover significantly. Foreign trade also supports the slightly positive development of the economy in Europe, while industrial production growth is only viewed as modestly positive.

On the one hand, supply-side risks exist in the development of sales markets. There are also uncertainties regarding future European and national requirements for climate-neutral economic transformation. Investment decisions are therefore delayed. In the Eurozone, the inflation rate is expected to stabilize and thus interest rates will also fall again. Forecasts predict a return of inflation in the Eurozone to less than 2% in 2024. This will have a positive effect on demand through wage developments remaining relatively stable.