Global political and financial leaders gathering this week in Davos, Switzerland, for the annual World Economic Forum are expecting an "eventful year" for the global economy. (Which seems to be economist speak for "not great.")
In the January 2025 edition of the forum's Chief Economists Outlook, released just in time for the Jan. 20-24 event, 58 percent of the top economists from both the public and private sector surveyed said they expect the global economy to weaken over the next year. Only 17 percent expect improvement. Two countries — the U.S. and India — are expected to see robust growth, although they foresee rising inflation ahead for the U.S.
Plastics News Economics Editor Bill Wood has similar concerns about the potential for higher inflation rates in the U.S. You can find his take on it in the January Numbers That Matter column.
The WEF economists added that monetary and policy developments in the U.S. will "alter the trajectory of the global economy."
The forum also has set aside time on Jan. 23 to discuss the next steps for a global plastics treaty, which failed to reach a final agreement in 2024.