Conclusion
Despite the ongoing resilience of the labor market, we predict that 2024 will be a challenging year for many companies. Simply put, the cost of business remains high, talent supply remains low and a weak economic environment will result in only moderate business growth around the globe.
Now that inflation is stabilizing, central banks should begin to reduce rates and organizations will be encouraged to start investing. This movement of capital will contribute to increased growth at the end of this year and into 2025, however, it won’t be the noteworthy rebound that we’ve seen with economic downturns of the past. Muted growth will remain in our future for the next several years, meaning that the 2020s will not mirror the 1920s as so many had predicted.
