Economic Experts Expect Slight Decline in Inflation Worldwide
Economic experts from around the world expect inflation rates to decline in the years ahead. This is among the findings of the Economic Experts Survey, a quarterly survey conducted by the ifo Institute and the Swiss Economic Policy Institute. According to this survey, the inflation rate worldwide will reach 4.6% in 2024, then 4.4% next year, and 4.0% in 2027. In Germany, inflation for this year is expected to reach 3.1%, in Austria 4.2%, and in Switzerland 1.8%. “Compared to the previous quarter, inflation expectations for this year have fallen further,” says ifo researcher Niklas Potrafke. “But in the medium term, the experts expect inflation rates around the world to remain quite high and above central banks’ inflation targets.”
Inflation expectations for 2024 are well below the worldwide average in Western Europe (2.8%) and North America (3.1%); here, they are 0.3 and 0.2 percentage points lower compared with the survey last quarter. For 2027, experts still expect 2.0% inflation in Western Europe and 2.3% in North America.
Among the regions with particularly high inflation expectations are South America and large parts of Africa, where inflation rates of over 20% are expected. A total of 1,508 economic experts from 125 countries participated in the survey from March 12 to 26, 2024.
