Out with the old and in with the new. That's the theme at the turn of the year. In 2024, people are transferring their lists of what's “in” and “out” to social media – you may have seen them in your feed before. Today we're making our own list: what's “in” and “out” when it comes to the economy.
Sean Snaith has his personal list of what's in and what's out this year. At the top of the table of contents? A goal that we all know well: He wants to do more sports.
“This is a form of shame on a national level. Maybe this will get me to go to the gym,” he said.
That's one of his promises to himself for 2024. But Snaith, who directs the Institute for Economic Forecasting at the University of Central Florida, said his economic ins and outs list is more about predictions. And he thinks things are looking a little clearer this year.
“The widespread belief that the U.S. economy is headed for recession appears to be over,” he said.
That depends on some other advantages and disadvantages. For example, Snaith said, high consumer spending? Out of. What else is out?
“Employees have a strong upper hand over employers,” he added.
Meanwhile, Carola Binder, an economist at Haverford College, has a sense of what's on the list at the Federal Reserve.
“Out with the rate hikes and possibly in with the rate cuts,” she said.
These are fairly positive visions for 2024. However, as with all intentions we set at the beginning of the year, hurdles can get in the way. Like oil, said Binder.
“Oil prices have been relatively stable in 2023, and it seems unlikely we will be as lucky in 2024,” she said.
This is partly due to possible disruption from the Israel-Hamas war. Which touches on another unfortunate aspect of Johns Hopkins University economist Francesco Bianchi: geopolitical uncertainty.
“2024 will be a very stressful year in terms of exactly what kind of global economy we will have in the future,” he said.
Global conflicts, ongoing trade tensions, elections at home and abroad. A lot is happening this year – but don't let that be an excuse to skip the gym.
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