The outlook for 2024 may seem brighter with GDP growth showing some resiliency and inflation on the decline, but we're not quite out of the woods. Investors are crossing their fingers for some U.S. rate cuts by May, but the Fed's not ready to pop the champagne just yet. Meanwhile, countries around the world are navigating a tricky economic landscape, dealing with everything from sudden inflation spikes to heavier debt loads and folks buckling down on discretionary spending. The visual below shows global GDP growth projections for this year, based on the International Monetary Fund (IMF) October 2023 Outlook and January 2024 update.

The lowest growth is expected in Europe, forecasted at a mere 0.9%. Towards the end of 2023, Signa, a major European property firm worth billions, faced collapse due to the most significant increase in interest rates seen in the European Union's 25-year history. Additionally, factors such as low consumer confidence and the repercussions of high energy costs are further dampening the economic outlook for this region. Over in Latin America, as domestic demand continued to advance and inflationary pressures eased, the IMF has upgraded its forecasts for Brazil and Mexico in 2024.

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