2024 is expected to be another hard year for business as well as consumers, but economists keep praising our resilience. The question is whether this resilience will be enough to keep the economy going and growing in an election year with many headwinds that can affect the economy.
Economists expect that inflation could take longer to decrease because food and energy-base effects are no longer working in favour of reducing inflation sharply. They also expect that economic gravity will play catch-up and predict that interest rates are likely to start biting and that economic hardship could follow if interest rates remain high for a longer period.
The darker geopolitical climate also adds more downside risks to the global economy, which is already under strain. Political tensions are expected to remain heightened globally, with a report from The Economist indicating that more than half of the world’s population will experience an election in 2024.
My colleague on the business desk, Vukosi Maluleke, joined me in the studio to talk about what 2024 may hold for business.
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