Decoding 2024: A Year of Notable Global Events
As we bid farewell to 2024, it’s worth reflecting on the significant events that have marked this year. From the triumph of Donald Trump in the US election to the ongoing challenges of climate change, and the rapid development of artificial intelligence, this year has been full of noteworthy occurrences. To help you understand these events, here are 10 key insights, each represented with a detailed chart.
1. A Right Turn for America
Donald Trump’s victory in the election might have been won by a slim margin, but it was a decisive one. He carried every state considered to be in play, including the Democrats’ traditional blue wall of Wisconsin, Michigan, and Pennsylvania. However, it’s not just the victory that’s notable, but also the fact that many Democrats stayed home. This has reflected their disgruntlement over slow growth in real personal incomes, the immigration surge under President Biden, and the perceived leftward shift of the Democratic Party on social issues.
2. An Expensive Campaign Season
Despite the Democrats outperforming their Republican opponents in fundraising, Vice President Kamala Harris lost the election. Interestingly, Mr. Trump had a fundraising advantage among PACs that back single candidates, largely due to the support of some tech executives who had defected from the Democrats.
3. A Strong Economy (According to Data)
On the economic front, the year was quite strong. Inflation moderated, growth remained brisk, and the stock market hit record highs. However, the lingering sting of inflation was costly to the Democrats. In a surprising move, the Federal Reserve lowered the number of projected interest rate cuts for the coming year, reflecting a mix of good news (faster growth) and bad news (stubborn inflation).
4. Manufacturing Investment Surged
One of the brightest spots in the economy was the strong surge in corporate investments, particularly in manufacturing facilities. This surge was substantially stimulated by two major pieces of legislation passed during the Biden administration. Moreover, investment in areas related to technology and artificial intelligence has been increasing rapidly.
5. Elon Musk Had a Great Year
One of the most extraordinary developments of the year was the emergence of tech billionaire Elon Musk as a significant political figure. His net worth saw an extraordinary increase of more than $200 billion, cementing his position as the richest person in the world.
6. Border Encounters Dropped
On the immigration front, the number of encounters at the US southern border dropped almost all the way back to where it was four years ago. However, this decrease has gone largely unrecognized by the American public.
7. A Global Desire for Change
The desire for change was not limited to the United States. Of the nine G20 democracies that held national elections this year, the party in power lost vote share in seven of them. The shift in the United States was among the smallest in percentage terms.
8. Global Temperatures Remain High
Climate change continued to be a major global issue, with average temperatures hitting record highs. Weather patterns continued to prove erratic, causing havoc in various parts of the world.
9. The A.I. Boom Continues
The development of artificial intelligence (AI) was another highlight of the year. AI has attained the fastest rate of adoption of any new technology in memory. While it may not prove to be the financial bonanza that the market is anticipating, it seems certain to change our lives significantly in the future.
10. Death From Armed Conflict Slows
On a brighter note, global death tolls from armed conflict retreated modestly for the second successive year. However, violence continued in places around the globe, highlighting the ongoing struggles for peace and stability.
In conclusion, 2024 was a year of significant upheavals and developments in politics, economy, technology, and climate, among others. As we step into 2025, these trends and data provide a glimpse into what we may anticipate in the coming year.
