2024's Economic Weather Forecast..

What 2024 Has in Store for Your Wallet!

November 21, 2023

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Foreign businesses are cashing out of China faster than they're putting money in, signaling concerns over the country's slowing economy, low interest rates, and US-China tensions. In a twist of economic yoga, China recorded a $11.8bn deficit in foreign investment, a first since 1998. Companies like Apple, affected by China's strict pandemic policies, are diversifying supply chains. Meanwhile, businesses are packing profits abroad due to low interest rates, earning a "higher investment return compared to investments in China," according to the European Union Chamber of Commerce. It seems like the economic ball is now in China's court.

2/ Money Talks, but in 2024, It Might Be Speaking in Whispers :((

Well, looks like 2024 might be the year of economic hiccups – banks are warning us about a global growth slowdown. Blame it on high interest rates, pricey energy, and the world's big shots like the US and China taking a breather. There's talk of geopolitical mess stirring the pot, with Ukraine and the Middle East playing their part. So, hold on to your wallets, folks, because we might be in for a bumpy ride.

Mike Murchison, CEO of Ada, dives into the frontline of customer support to enhance his startup's AI-driven solutions. Ada, valued at over $1 billion, uses a "reasoning engine" with language models like those from OpenAI, powering customer support for companies like Meta and Shopify. With the introduction of Generative Actions, Ada enables AI bots to fetch personalized information, surpassing human capabilities. Murchison advises AI entrepreneurs to see technology as a problem-solving tool and treat AI like an employee that improves over time. Speaking at U of T, he encourages students to tap into the wealth of research and entrepreneurship resources available.

Elon's brainy brainchild, Neuralink, is ready to rock with its first brain chip trial! Thousands are psyched to have a piece of their skull swapped for super-futuristic electrodes, turning them into walking Wi-Fi brains. Picture this: your thoughts streaming wirelessly to your laptop. The catch? They're on the hunt for a guinea pig, ideally under 40 and needing a brainpower boost due to limb paralysis. It's like a sci-fi dream, but they're still on the lookout for the pioneer brainiac willing to take the plunge.

So, SXSW, the ultimate startup fiesta, wasn't born from genius but a failed New York music plan. Back in '87, during Spring Break, the founders turned the slowest music week into a hit. From 700 peeps to 60,000 badge holders today, they're the OG trash-to-treasure story. The lesson? Entrepreneurs, like rockstars, turn overlooked ideas into gold—persistently. SXSW isn't just celebs; it's where Twitter and Obama happened. So, if you're a startup, SXSW isn't a festival; it's a launchpad. Apply for Pitch; who knows, you might be the next Siri or Klout. Rock on, startup dreamers!

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