Washington, Jan 3 : The US and the global economy may face major challenges in 2024 though they have proved to be surprisingly resilient in the past year. However, the strains of wars, still-elevated inflation and continued high interest rates could impact GDP growth rates.

“Chastened by an economy that outfoxed their predictions in 2023, economists are taking a cautious approach to 2024," media reports said.

Global economists are calling for a consensus on a growth slow down, perhaps a mild recession, and an economy marked by lower interest rates and lower inflation. But a few are sticking their necks out, saying “the economy could be stronger than expected or that interest rate cuts could come sooner and be more frequent".