In the words of John Kenneth Galbraith, ‘We have two classes of forecasters: those who don't know, and those who don't know they don't know.’
You’d be forgiven for believing we are already in the midst of a recession given the amount of bearish economic commentary in recent months. However, at least in nominal terms, the Australian and global economies have continued to grow despite sharply higher interest rates—and it is nominal growth that matters most to equity markets.
With the end of the year fast approaching, it’s timely to consider the 2024 economic outlook—and one particular economic forecast that stands out as vulnerable to being wrong as we approach the new year…
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