The global economy has had a tough time in the 2020s. In March, most countries were locked down because of COVID-19, messing up the supply chain for two years. When things were getting better, another problem came up with Russia invading Ukraine in February 2022. The European Union and other countries put restrictions on Russia, a big oil and gas exporter. Europe stopped trading a lot with Russia. Now, as we go into 2024, people wonder if the global economy will finally get a break and become more stable. What do experts think? How was the market before, and what’s coming up in 2024? Let’s try to understand the big economic picture.
Experts in the market think that global economic growth might not be as strong in 2024. They expect that the growth of countries worldwide won’t be much different in 2024 compared to 2023, but many say it might slow down. Some experts think the global growth will be around 2.5% this year, which is less than the almost 3% we had in 2023.
Global trade
After COVID-19, global trade went up in 2022. More stuff was coming into countries than going out. In 2023, the way things got from one place to another got a bit better than before. Market experts think trading goods will be even better in 2024, but it might change from month to month. Look at this table to see how much stuff different countries exported and imported in the last five years.
| Year | Imports ( in USD Billion) | Exports ( in USD Billion) |
| 2018 | 19,665 | 19,328 |
| 2019 | 19,091 | 18,757 |
| 2020 | 17,710 | 17,508 |
| 2021 | 22,443 | 22,142 |
| 2022 | 25,371 | 24,611 |
U.S. imports and exports
The United States is likely to grow more than China and Europe. In the last two years, the total amount of things the U.S. bought and sold went up, but they brought in more stuff than they sent out. Check out the information below mentioned in the table to see the details of what the U.S. bought and sold in the last five years.
| Year | Imports ( in USD Billion) | Exports ( in USD Billion) |
| 2018 | 2,609 | 1,665 |
| 2019 | 2,563 | 1,642 |
| 2020 | 2,406 | 1,424 |
| 2021 | 2,936 | 1,754 |
| 2022 | 3,375 | 2,062 |
China’s imports and exports
Keep an eye on China’s economy in 2024 as it seems to be slowing down. China is the world’s second-largest economy, and what happens there affects the whole world. Check out the information below mentioned in the table showing what China brought and sent out in the last five years.
| Year | Imports ( in USD Billion) | Exports ( in USD Billion) |
| 2018 | 2,134 | 2,494 |
| 2019 | 2,066 | 2,498 |
| 2020 | 2,057 | 2,588 |
| 2021 | 2,675 | 3,361 |
| 2022 | 2,715 | 3,593 |
| 2023 | 1,889 | 2,520 |
Taiwan and Ukraine Crisis
Watch out for what happens with Taiwan and Ukraine in 2024. Even though Xi Jinping and Joe Biden recently talked, there’s still a worry about China possibly taking over Taiwan, which could affect the whole world.
Talking about Ukraine, the war there is a big deal for the global economy in 2024. This war directly impacts food, fertilizer, and fuel. The poorest countries, especially in Africa, feel the effects on energy and food prices. On the flip side, some countries like India see chances to grow their export businesses.
Global Election Fever: Shaping Economic Landscapes
Get ready for elections around the world in 2024! India, Brazil, Pakistan, Indonesia, Turkey, Mexico, and the United Kingdom are some places having important elections. Bangladesh already picked a new government on January 7, 2024. These countries matter a lot in the world economy. But, the biggest one to watch is the 2024 US presidential election.
There are many other things business leaders and economists are keeping an eye on for 2024. Lots of different factors and events could happen.
As we navigate the complexities of the global economy in 2024, it’s essential to remain vigilant and adaptable to the various challenges and opportunities that lie ahead. From fluctuations in trade to geopolitical tensions, the landscape is ever-changing, requiring astute observation and strategic planning.
Moreover, in such dynamic times, education and skill development become paramount. Organizations like iiiEM – Export Import Course in India offer invaluable resources and training to individuals seeking to understand and thrive in the realm of international trade. By equipping professionals with the knowledge and expertise necessary to navigate the intricacies of export and import operations, iiiEM plays a crucial role in shaping the future of global commerce.
As we look towards the future, let us harness the insights gained from experiences past and present to forge a path toward a more resilient and prosperous global economy.