Macro Insights Weekly - Economic scorecard for 2024

Global growth is slated to be 3.25% in 2024, similar to the outcome in 2023 or the forecast for 2025. We go beneath the surface to assess the economic performance through the lens of the Misery Index.
The index is calculated by simply adding unemployment rate to the inflation rate.
Strikingly, both the Eurozone and the US have seen their Misery Index improve sharply.
Sharp decline in inflation accounts for this, even if the public seems to be oblivious.
In Asia, disinflation-driven improvement has been most pronounced in Singapore and Thailand.
The Index is unlikely to improve much in 2025, with inflation bottoming and job gains slowing.