The economic prospects of the United States and the global economy for the year 2024 are uncertain, as much will depend on the progress made in addressing the current public health crisis and economic recession. However, there are several economic trends that could shape the future of the economy in 2024.
Housing:
Housing prices and demand are expected to remain relatively strong due to ongoing low mortgage rates and a tight supply of available homes. Additionally, high-density urban living will continue to be in demand, as well as suburban and rural growth. However, the availability and cost of housing will vary greatly from city to city.
Inflation:
Inflation is expected to remain low, due to recent trends in Fed policy and slower economic growth. Additionally, fiscal and monetary policy are also expected to be used in order to maintain the inflation rate and prevent it from rising too quickly.
Interest rates:
Interest rates are expected to remain low, especially considering the current state of the economy and the Federal Reserve’s commitment to keep them low. However, it is possible that interest rates may start to increase by 2024 if the economic recovery is faster than anticipated.
GDP growth:
GDP growth is expected to slow, especially in the short-term due to the current economic recession. However, some economists have argued that the slow growth could be beneficial, as it could reduce the risk of inflation and the possibility of an economic bubble.
Employment:
Employment is expected to continue to be weak due to business closures related to the pandemic. However, some sectors such as technology, healthcare, online tutoring, logistics, and home delivery are expected to remain strong. In addition, some new jobs may be created as the economy recovers.
Trade:
Trade between the US and other countries is expected to remain uncertain. There is a possibility of new tariffs, trade agreements, and other restrictions that could add to the volatility.
