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Mapped: Inflation Projections by Country, in 2024

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This map shows inflation projections around the world in 2024.

This map shows inflation projections around the world in 2024.

Inflation Projections, by Country in 2024

Global economic prospects hang on a delicate balance, largely hinging on the path of inflation.

While inflation looks to be easing, there remains the risk of a second wave of price pressures driven by geopolitical conflicts and supply disruptions in the Red Sea. Adding to this, a stronger than expected labor market could drive consumer demand, pushing up higher prices.

This graphic shows 2024 inflation projections around the world, based on forecasts from the International Monetary Fund (IMF).

Is Global Inflation On a Downward Path?

In 2024, global inflation is projected to decline to 5.8%, down from a 6.8% estimated annual average in 2023.

Tighter monetary policy and falling energy prices are forecast to dampen price pressures alongside a cooling labor market. Below, we show inflation projections across 190 countries:

CountryProjected Annual Inflation Change 2024
๐Ÿ‡ป๐Ÿ‡ช Venezuela230.0%
๐Ÿ‡ฟ๐Ÿ‡ผ Zimbabwe190.2%
๐Ÿ‡ธ๐Ÿ‡ฉ Sudan127.3%
๐Ÿ‡ฆ๐Ÿ‡ท Argentina69.5%
๐Ÿ‡น๐Ÿ‡ท Tรผrkiye54.3%
๐Ÿ‡ช๐Ÿ‡ฌ Egypt25.9%
๐Ÿ‡ฆ๐Ÿ‡ด Angola25.6%
๐Ÿ‡ฎ๐Ÿ‡ท Iran25.0%
๐Ÿ‡ง๐Ÿ‡ฎ Burundi22.4%
๐Ÿ‡ธ๐Ÿ‡ฑ Sierra Leone21.7%
๐Ÿ‡ธ๐Ÿ‡ท Suriname20.0%
๐Ÿ‡ช๐Ÿ‡น Ethiopia18.5%
๐Ÿ‡ต๐Ÿ‡ฐ Pakistan17.5%
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria15.4%
๐Ÿ‡ฒ๐Ÿ‡ผ Malawi15.2%
๐Ÿ‡ฌ๐Ÿ‡ญ Ghana15.0%
๐Ÿ‡พ๐Ÿ‡ช Yemen15.0%
๐Ÿ‡ฒ๐Ÿ‡ณ Mongolia12.8%
๐Ÿ‡ญ๐Ÿ‡น Haiti12.7%
๐Ÿ‡บ๐Ÿ‡ฟ Uzbekistan10.7%
๐Ÿ‡น๐Ÿ‡ณ Tunisia10.6%
๐Ÿ‡น๐Ÿ‡ฒ Turkmenistan10.0%
๐Ÿ‡บ๐Ÿ‡ฆ Ukraine10.0%
๐Ÿ‡ฒ๐Ÿ‡ฌ Madagascar8.6%
๐Ÿ‡ฐ๐Ÿ‡ฌ Kyrgyz Republic8.0%
๐Ÿ‡ฟ๐Ÿ‡ฒ Zambia7.9%
๐Ÿ‡ฒ๐Ÿ‡บ Mauritius7.8%
๐Ÿ‡ฌ๐Ÿ‡ณ Guinea7.8%
๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan7.5%
๐Ÿ‡ง๐Ÿ‡ฉ Bangladesh7.2%
๐Ÿ‡ฒ๐Ÿ‡ฒ Myanmar7.2%
๐Ÿ‡ธ๐Ÿ‡น Sรฃo Tomรฉ and Prรญncipe7.2%
๐Ÿ‡ฌ๐Ÿ‡ฒ The Gambia7.1%
๐Ÿ‡จ๐Ÿ‡ฉ Democratic Republic of the Congo7.1%
๐Ÿ‡ฉ๐Ÿ‡ฟ Algeria6.8%
๐Ÿ‡น๐Ÿ‡ฏ Tajikistan6.5%
๐Ÿ‡ณ๐Ÿ‡ต Nepal6.5%
๐Ÿ‡ฐ๐Ÿ‡ช Kenya6.5%
๐Ÿ‡ฒ๐Ÿ‡ฟ Mozambique6.5%
๐Ÿ‡น๐Ÿ‡ด Tonga6.2%
๐Ÿ‡ธ๐Ÿ‡ธ South Sudan6.1%
๐Ÿ‡ฑ๐Ÿ‡ท Liberia6.0%
๐Ÿ‡บ๐Ÿ‡พ Uruguay5.7%
๐Ÿ‡ป๐Ÿ‡บ Vanuatu5.6%
๐Ÿ‡ต๐Ÿ‡ฑ Poland5.5%
๐Ÿ‡ฌ๐Ÿ‡พ Guyana5.5%
๐Ÿ‡ท๐Ÿ‡ผ Rwanda5.5%
๐Ÿ‡ญ๐Ÿ‡บ Hungary5.4%
๐Ÿ‡ณ๐Ÿ‡ฆ Namibia5.3%
๐Ÿ‡ฌ๐Ÿ‡ถ Equatorial Guinea5.2%
๐Ÿ‡ง๐Ÿ‡น Bhutan5.1%
๐Ÿ‡ฆ๐Ÿ‡ฟ Azerbaijan5.0%
๐Ÿ‡ฏ๐Ÿ‡ฒ Jamaica5.0%
๐Ÿ‡ฑ๐Ÿ‡ธ Lesotho5.0%
๐Ÿ‡ฒ๐Ÿ‡ฉ Moldova5.0%
๐Ÿ‡ท๐Ÿ‡บ Russia5.0%
๐Ÿ‡บ๐Ÿ‡ฌ Uganda5.0%
๐Ÿ‡ณ๐Ÿ‡ฎ Nicaragua4.8%
๐Ÿ‡ต๐Ÿ‡ฌ Papua New Guinea4.7%
๐Ÿ‡ท๐Ÿ‡ด Romania4.7%
๐Ÿ‡ฌ๐Ÿ‡น Guatemala4.6%
๐Ÿ‡ผ๐Ÿ‡ธ Samoa4.5%
๐Ÿ‡ฟ๐Ÿ‡ฆ South Africa4.5%
๐Ÿ‡ธ๐Ÿ‡ฐ Slovak Republic4.5%
๐Ÿ‡จ๐Ÿ‡ด Colombia4.5%
๐Ÿ‡ฎ๐Ÿ‡ณ India4.4%
๐Ÿ‡ง๐Ÿ‡ผ Botswana4.4%
๐Ÿ‡ธ๐Ÿ‡ฟ Eswatini4.3%
๐Ÿ‡ฑ๐Ÿ‡ป Latvia4.3%
๐Ÿ‡ญ๐Ÿ‡ณ Honduras4.2%
๐Ÿ‡ณ๐Ÿ‡ท Nauru4.2%
๐Ÿ‡ง๐Ÿ‡ช Belgium4.0%
๐Ÿ‡ฎ๐Ÿ‡ธ Iceland4.0%
๐Ÿ‡น๐Ÿ‡ฟ Tanzania4.0%
๐Ÿ‡ฐ๐Ÿ‡ฎ Kiribati4.0%
๐Ÿ‡ฒ๐Ÿ‡ท Mauritania4.0%
๐Ÿ‡ต๐Ÿ‡พ Paraguay4.0%
๐Ÿ‡ท๐Ÿ‡ธ Serbia4.0%
๐Ÿ‡ฉ๐Ÿ‡ด Dominican Republic4.0%
๐Ÿ‡ฆ๐Ÿ‡ฒ Armenia4.0%
๐Ÿ‡ง๐Ÿ‡ท Brazil3.9%
๐Ÿ‡ธ๐Ÿ‡ด Somalia3.9%
๐Ÿ‡น๐Ÿ‡ป Tuvalu3.8%
๐Ÿ‡ง๐Ÿ‡ด Bolivia3.8%
๐Ÿ‡ง๐Ÿ‡พ Belarus3.7%
๐Ÿ‡จ๐Ÿ‡ฒ Cameroon3.7%
๐Ÿ‡ฝ๐Ÿ‡ฐ Kosovo3.7%
๐Ÿ‡ช๐Ÿ‡ช Estonia3.6%
๐Ÿ‡ง๐Ÿ‡ง Barbados3.6%
๐Ÿ‡ธ๐Ÿ‡ง Solomon Islands3.6%
๐Ÿ‡ฆ๐Ÿ‡ฑ Albania3.6%
๐Ÿ‡ฆ๐Ÿ‡บ Australia3.4%
๐Ÿ‡ช๐Ÿ‡ธ Spain3.4%
๐Ÿ‡ต๐Ÿ‡ญ Philippines3.4%
๐Ÿ‡ป๐Ÿ‡ณ Vietnam3.4%
๐Ÿ‡ฒ๐Ÿ‡ฆ Morocco3.3%
๐Ÿ‡ธ๐Ÿ‡ฎ Slovenia3.3%
๐Ÿ‡ฆ๐Ÿ‡น Austria3.2%
๐Ÿ‡ญ๐Ÿ‡ท Croatia3.2%
๐Ÿ‡จ๐Ÿ‡ฌ Republic of Congo3.2%
๐Ÿ‡ณ๐Ÿ‡ด Norway3.2%
๐Ÿ‡ธ๐Ÿ‡ฌ Singapore3.2%
๐Ÿ‡ฒ๐Ÿ‡ฝ Mexico3.2%
๐Ÿ‡น๐Ÿ‡ฉ Chad3.1%
๐Ÿ‡ฒ๐Ÿ‡ช Montenegro3.1%
๐Ÿ‡ฑ๐Ÿ‡น Lithuania3.1%
๐Ÿ‡จ๐Ÿ‡ท Costa Rica3.0%
๐Ÿ‡ฐ๐Ÿ‡ญ Cambodia3.0%
๐Ÿ‡ฎ๐Ÿ‡น Italy3.0%
๐Ÿ‡จ๐Ÿ‡ฑ Chile3.0%
๐Ÿ‡ฌ๐Ÿ‡ช Georgia3.0%
๐Ÿ‡ฌ๐Ÿ‡ผ Guinea-Bissau3.0%
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq3.0%
๐Ÿ‡ฑ๐Ÿ‡ฆ Lao P.D.R.3.0%
๐Ÿ‡ซ๐Ÿ‡ฒ Micronesia3.0%
๐Ÿ‡ฉ๐Ÿ‡ฒ Dominica2.9%
๐Ÿ‡ธ๐Ÿ‡ช Sweden2.8%
๐Ÿ‡ฉ๐Ÿ‡ช Germany2.8%
๐Ÿ‡ฌ๐Ÿ‡ท Greece2.7%
๐Ÿ‡ฒ๐Ÿ‡พ Malaysia2.7%
๐Ÿ‡ฎ๐Ÿ‡ช Ireland2.6%
๐Ÿ‡ฏ๐Ÿ‡ต Japan2.6%
๐Ÿ‡ซ๐Ÿ‡ฏ Fiji2.6%
๐Ÿ‡ฒ๐Ÿ‡ญ Marshall Islands2.6%
๐Ÿ‡ฌ๐Ÿ‡ฉ Grenada2.6%
๐Ÿ‡บ๐Ÿ‡ธ United States2.6%
๐Ÿ‡ต๐Ÿ‡น Portugal2.6%
๐Ÿ‡ฎ๐Ÿ‡ฑ Israel2.6%
๐Ÿ‡ง๐Ÿ‡ธ The Bahamas2.6%
๐Ÿ‡ฏ๐Ÿ‡ด Jordan2.6%
๐Ÿ‡ฑ๐Ÿ‡พ Libya2.5%
๐Ÿ‡ณ๐Ÿ‡ฟ New Zealand2.5%
๐Ÿ‡ง๐Ÿ‡ฏ Benin2.5%
๐Ÿ‡ฉ๐Ÿ‡ฐ Denmark2.5%
๐Ÿ‡ฉ๐Ÿ‡ฏ Djibouti2.5%
๐Ÿ‡ธ๐Ÿ‡ฒ San Marino2.5%
๐Ÿ‡น๐Ÿ‡ฑ Timor-Leste2.5%
๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia2.5%
๐Ÿ‡ฆ๐Ÿ‡ฌ Antigua and Barbuda2.5%
๐Ÿ‡ณ๐Ÿ‡ช Niger2.5%
๐Ÿ‡จ๐Ÿ‡ซ Central African Republic2.5%
๐Ÿ‡ต๐Ÿ‡ธ West Bank and Gaza2.5%
๐Ÿ‡ฒ๐Ÿ‡ป Maldives2.4%
๐Ÿ‡ฒ๐Ÿ‡น Malta2.4%
๐Ÿ‡ณ๐Ÿ‡ฑ Netherlands2.4%
๐Ÿ‡ธ๐Ÿ‡จ Seychelles2.4%
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom2.4%
๐Ÿ‡ฌ๐Ÿ‡ฆ Gabon2.4%
๐Ÿ‡ฐ๐Ÿ‡ณ St. Kitts and Nevis2.3%
๐Ÿ‡ญ๐Ÿ‡ฐ Hong Kong SAR2.3%
๐Ÿ‡ฒ๐Ÿ‡ฐ North Macedonia2.3%
๐Ÿ‡ฆ๐Ÿ‡ช UAE2.3%
๐Ÿ‡น๐Ÿ‡น Trinidad and Tobago2.3%
๐Ÿ‡ถ๐Ÿ‡ฆ Qatar2.3%
๐Ÿ‡ต๐Ÿ‡ฆ Panama2.2%
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia2.2%
๐Ÿ‡ต๐Ÿ‡ช Peru2.2%
๐Ÿ‡จ๐Ÿ‡พ Cyprus2.2%
๐Ÿ‡จ๐Ÿ‡ฟ Czech Republic2.2%
๐Ÿ‡น๐Ÿ‡ฌ Togo2.2%
๐Ÿ‡ง๐Ÿ‡ฌ Bulgaria2.2%
๐Ÿ‡ฆ๐Ÿ‡ผ Aruba2.2%
๐Ÿ‡จ๐Ÿ‡ฆ Canada2.1%
๐Ÿ‡ง๐Ÿ‡ฆ Bosnia and Herzegovina2.1%
๐Ÿ‡ฑ๐Ÿ‡จ St. Lucia2.1%
๐Ÿ‡ฆ๐Ÿ‡ฉ Andorra2.0%
๐Ÿ‡ง๐Ÿ‡ซ Burkina Faso2.0%
๐Ÿ‡จ๐Ÿ‡ป Cabo Verde2.0%
๐Ÿ‡จ๐Ÿ‡ฎ Cรดte d'Ivoire2.0%
๐Ÿ‡ฐ๐Ÿ‡ท Korea2.0%
๐Ÿ‡ฒ๐Ÿ‡ฑ Mali2.0%
๐Ÿ‡ป๐Ÿ‡จ St. Vincent and the Grenadines2.0%
๐Ÿ‡จ๐Ÿ‡ญ Switzerland1.9%
๐Ÿ‡ต๐Ÿ‡ท Puerto Rico1.9%
๐Ÿ‡จ๐Ÿ‡ณ China1.9%
๐Ÿ‡ซ๐Ÿ‡ฎ Finland1.9%
๐Ÿ‡ซ๐Ÿ‡ท France1.9%
๐Ÿ‡น๐Ÿ‡ผ Taiwan1.8%
๐Ÿ‡ต๐Ÿ‡ผ Palau1.8%
๐Ÿ‡น๐Ÿ‡ญ Thailand1.8%
๐Ÿ‡ฑ๐Ÿ‡บ Luxembourg1.7%
๐Ÿ‡ธ๐Ÿ‡ป El Salvador1.7%
๐Ÿ‡ฒ๐Ÿ‡ด Macao SAR1.7%
๐Ÿ‡ด๐Ÿ‡ฒ Oman1.7%
๐Ÿ‡ฐ๐Ÿ‡ฒ Comoros1.6%
๐Ÿ‡ง๐Ÿ‡ณ Brunei Darussalam1.5%
๐Ÿ‡ช๐Ÿ‡จ Ecuador1.5%
๐Ÿ‡ง๐Ÿ‡ญ Bahrain1.4%
๐Ÿ‡ง๐Ÿ‡ฟ Belize1.2%
๐Ÿ‡ธ๐Ÿ‡ณ Senegal0.3%

Venezuela, with the largest oil reserves globally, is projected to see inflation reach 230%โ€”the highest overall.

Across the last decade, the country has faced hyperinflation, reaching a stunning 10 million percent in 2019. Since U.S. sanctions were lifted last year, inflation has fallen dramatically due to sharp cuts in government spending and increasing dollarization of the economy, which is bolstering the bolivar.

In America, slower economic growth coupled with a softening labor market could ease inflation, which is forecast to reach 2.6% in 2024. While the Federal Reserve has signaled that the worst is over, unexpected momentum across the economy could cloud the outcome. As of November 2023, $290 billion in excess savings were held across American households, which may continue to spur consumer demand.

Over in Europe, inflation is anticipated to average 3.3% across advanced economies. Today, sinking natural gas prices and low GDP growth are keeping inflation expectations at bay.

China, the worldโ€™s second-largest economy, is contending with falling prices due to property market trouble, which drives about a third of the countryโ€™s economic growth. Amid sluggish economic activity, a manufacturing slowdown, and low consumer confidence, inflation is forecast to reach 1.7%.

What Could Cause Inflation to Re-Accelerate?

While inflation shocks driven from the pandemic appear to be over, key risks could drive up inflation:

  • Geopolitical Pressures: Rising shipping costs due to the conflict in the Middle East and Red Sea could continue to escalate and energy prices could increase amid disrupted supply, driving inflation higher.
  • Strong Consumer Demand: Accumulated excess savings could continue to fuel economies, leading central banks to remain hawkish. Persistently high wage growthโ€”which increased about double the pre-pandemic average across advanced nations in 2023โ€”could boost consumption and higher prices.
  • Rising Housing Costs: Shelter makes up about a third of the Consumer Price Index, the biggest component overall. If prices accelerate, it presents key inflationary risks. As of January 2024, U.S. shelter costs increased 6% annually.

So far, the global economy has been resilient. While risk factors remain, inflation projections suggest that the path towards a 2% target is slow, but going in the right direction.

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The Top 5 Reasons Clients Fire a Financial Advisor

Firing an advisor is often driven by more than cost and performance factors. Here are the top reasons clients ‘break up’ with their advisors.

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This circle graphic shows the top reasons for firing a financial advisor.

The Top 5 Reasons Clients Fire a Financial Advisor

What drives investors to fire a financial advisor?

From saving for a down payment to planning for retirement, clients turn to advisors to guide them through lifeโ€™s complex financial decisions. However, many of the key reasons for firing a financial advisor stem from emotional factors, and go beyond purely financial motivations.

We partnered with Morningstar to show the top reasons clients fire an advisor to provide insight on what’s driving investor behavior.

What Drives Firing Decisions?

Here are the top reasons clients terminated their advisor, based on a survey of 184 respondents:

Reason for Firing% of Respondents
Citing This Reason
Type of Motivation
Quality of financial advice
and services
32%Emotion-based reason
Quality of relationship21%Emotion-based reason
Cost of services17%Financial-based reason
Return performance11%Financial-based reason
Comfort handling financial
issues on their own
10%Emotion-based reason

Numbers may not total 100 due to rounding. Respondents could select more than one answer.

Numbers may not total 100 due to rounding. Respondents could select more than one answer.

While firing an advisor is rare, many of the primary drivers behind firing decisions are also emotionally driven.

Often, advisors were fired due to the quality of the relationship. In many cases, this was due to an advisor not dedicating enough time to fully grasp their personal financial goals. Additionally, wealthier, and more financially literate clients are more likely to fire their advisorsโ€”highlighting the importance of understanding the client.ย 

Key Takeaways

Given these driving factors, here are five ways that advisors can build a lasting relationship through recognizing their clients’ emotional needs:

  • Understand your clientsโ€™ deeper goals
  • Reach out proactively
  • Act as a financial coach
  • Keep clients updated
  • Conduct goal-setting exercises on a regular basis

By communicating their value and setting expectations early, advisors can help prevent setbacks in their practice by adeptly recognizing the emotional motivators of their clients.

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Markets in a Minute

The Top 5 Reasons Clients Hire a Financial Advisor

Here are the most common drivers for hiring a financial advisor, revealing that investor motivations go beyond just financial factors.

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This circle graphic shows the top reasons for hiring a financial advisor.

The Top 5 Reasons Clients Hire a Financial Advisor

What drives investors to hire a financial advisor?

From saving for a down payment to planning for retirement, clients turn to advisors to guide them through lifeโ€™s complex financial decisions. However, many of the key reasons for hiring a financial advisor stem from emotional factors, and go beyond purely financial motivations.

We partnered with Morningstar to show the top reasons clients hire a financial advisor to provide insight on what’s driving investor behavior.

What Drives Hiring Decisions?

Here are the most common reasons for hiring an advisor, based on a survey of 312 respondents.ย 

Reason for Hiring% of Respondents
Citing This Reason
Type of Motivation
Specific goals or needs32%Financial-based reason
Discomfort handling finances32%Emotion-based reason
Behavioral coaching17%Emotion-based reason
Recommended by family
or friends
12%Emotion-based reason
Quality of relationship10%Emotion-based reason

Numbers may not total 100 due to rounding. Respondents could select more than one answer.

While financial factors played an important role in hiring decisions, emotional reasons made up the largest share of total responses.ย 

This illustrates that clients place a high degree of importance on reaching specific goals or needs, and how an advisor communicates with them. Furthermore, clients seek out advisors for behavioral coaching to help them make informed decisions while staying the course.

Key Takeaways

With this in mind, here are five ways advisors can provide value to their clients and grow their practice:

  • Address clientsโ€™ emotional needs early on
  • Demonstrate how you can offer support
  • Use ordinary language
  • Provide education to help clients stay on track
  • Acknowledge that these are issues we all face

By addressing emotional factors, advisors can more effectively help clientsโ€™ navigate intricate financial decisions and avoid common behavioral mistakes.

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