What Will Happen in the World by 2024?

What Will Happen in the World by 2024?

By 2024, international reports paint a complex and multifaceted picture. This scenario reflects a combination of slow economic recovery, advancements in technology and renewable energy, and ongoing challenges in geopolitics and climate change. However, economic predictions are subject to change, depending on future global and regional developments.

Here I share some key points:

1. Global Economy: The world GDP is expected to grow only by 2.2% in 2024. Developing economies might perform relatively better, while China could face slower economic growth, less than 5%.

2. Automotive Industry: Global car sales are expected to remain low, not reaching pre-pandemic levels. However, electric vehicles will see a surge, representing 25% of new cars, with China leading in sales.

3. Global Defense Spending: Defense budgets will increase, especially among NATO members and in Asia, due to geopolitical tensions and the war in Ukraine.

4. Energy and Climate Change: Although the use of renewable energy will increase, fossil fuels will continue to dominate. Nuclear energy and renewables are expected to constitute 20% of the global energy supply. Climate change will remain a significant challenge, affecting energy production and agriculture.

5. Banking and Financial Sector: Interest rates are expected to stagnate, and bank profits to decrease. There will be a tightening of financial regulations globally.

6. Food Security: Climate change and geopolitical tensions, such as the war in Ukraine, could threaten global food supplies.

7. Technology and Investment in Renewable Energies: A significant increase in investment in renewable energies and the implementation of advanced technologies like artificial intelligence is expected.

8. Metals and Retail Markets: Prices for metals such as copper and aluminum are expected to rise. Retail sales might see a slight increase but will be influenced by broader economic factors like interest rates and saving levels.

9. Geopolitics: Tensions between the United States and China, as well as conflicts in Ukraine and the Middle East, will continue to influence the global economy and politics.

10. Ethical Considerations: In 2024, ethical considerations will gain prominence as technology, particularly artificial intelligence, becomes more integral to our lives. Issues surrounding privacy, data security, and the ethical use of AI will be at the forefront. There will likely be a push for stricter regulations and ethical guidelines to govern technology use and ensure it benefits society while minimizing harm.

By: Limberg Chero Senmache