World economy to perform better than expected in 2024, says Goldman Sachs

Goldman Sachs predicts the global economy will top expectations in 2024, driven by strong income growth and confidence that the worst of rate hikes is already over.

The investment bank forecasts the world economy to expand 2.6% next year on an annual average basis, above the 2.1% consensus forecast of economists polled by Bloomberg. The U.S. is expected to outpace other developed markets again with estimated growth of 2.1%, Goldman said.

Goldman also believes that the bulk of the drag from monetary and fiscal tightening policies is over.

To curtail...