Economists have become more pessimistic about the

The persistence of high interest rates in major economies means global economic growth is likely to slow next year after a better-than-expected performance so far in 2023, economists say. U.S. economic output will grow 2.1% in 2024, down from an estimated 2.4% this year, according to a composite forecast from Consensus Economics, a consulting firm. Capital economics, a senior global economist Simon says mike Adam, part of the slowdown in 2024 will be "some basic arithmetic effect", namely the output increase this year will flatten out on next year's growth. He added, however, economists also "indeed become more pessimistic about the outlook for 2024". At the heart of this caution is the belief that persistently high demand will keep inflation elevated for longer, forcing rate-setters in advanced economies to keep borrowing costs elevated well into next year. Nathan Hitz, chief economist at US bank Citibank, said there would be recessions in many countries, including the US, but only later.