Cushman and Wakefield - 2024 EMEA Outlook

Published on December 24, 2023

UNLOCKING THE SOURCES OF GROWTH

The primary catalyst for growth in 2024 will shift to real income growth and, consequently, private consumption. As anticipated in our prior projections, growth is expected to maintain a notably modest pace. The most significant determinant of growth prospects remains inflation.

While wages have struggled to keep up with inflation, they are accelerating and are expected to maintain a healthy upward trajectory over the next twelve months. As an example, real wages in the UK became positive in June 2023, marking the first instance of positive real wages since October 2021.

This convergence of declining inflation and ascending wages is poised to boost consumers' purchasing power well into 2024. Private consumption is key for economic growth as it accounts for around 60% of GDP in the euro area. Nonetheless, the weakness in exports and investment will restrict any meaningful uplift in broader economic growth.

 

Download the full report (and other sector/country specific reports) from the Cushman and Wakefield website 

 

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