The Gulf Cooperation Council's (GCC) strong economic base, high urbanisation and strategic investments in non-oil sectors have positioned the region as a key player in global economic trends. With a GDP surpassing USD2 trillion in 2023 and continued growth driven by rising employment, particularly among women, the region is set to see increased consumer spending and a booming retail sector, especially in e-commerce.
An improving supply outlook and muted demand have eased pressures in the commodity markets. In 2024, weaker manufacturing activity in key markets is set to limit price growth for energy and metals, while robust crop forecasts should curb agrifood price increases.
The global economy has witnessed a sustained period of resilient growth as it enters the second half of 2024, driven by falling inflation and better-than-expected employment and private consumption. Short-term growth prospects, however, will be undermined by a still-high interest rate environment, while a potential cooling down of the labour market and growing political uncertainty would affect global business and consumer confidence.
Growing political and economic tensions are leading to supply chain diversification efforts, with new regional trade hubs emerging in Asia, Europe and the Americas. However, it remains unclear if new manufacturing hubs can fully replace China in global supply chains due to China's dominance in the hi-tech goods sector and underdeveloped supporting industries in other countries.
For the first time ever, the Paris 2024 Olympic Games will feature an equal number of female and male athletes, which is expected to increase fan interest and opportunities for women and girls to participate in sports. In recent years, women’s professional sports fandom and women’s participation in athletics have been on the rise, leading to opportunities for sportswear brands to appeal to women’s sports fans and female athletes alike through sponsorships, product launches and event activations.
As the world continues to urbanise rapidly, the share of global population living in cities is projected to reach 64% by 2040, up from 57% in 2023. This growth highlights the need for innovative and sustainable solutions to boost urban liveability, resilience and efficiency. Digital cities, accelerating climate action, and strategic planning are the key trends shaping the cities of tomorrow, vital for enhancing the quality of urban life and offering opportunities for businesses.