Global economic growth will slow from 2.7 percent in 2023 to 2.4 percent in 2024. This is stated in the UN report "World Economic Situation and Prospects to 2024", released on Thursday, UNN reports.
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Weakening global trade, high borrowing costs, high public debt, persistently low investment, and rising geopolitical tensions are threatening global growth, the report says.
Growth in many developed economies, especially the United States, is projected to slow in 2024 due to high interest rates, slowing consumer spending, and weak labor markets.
The short-term growth outlook for many developing countries, especially in East Asia, West Asia, and Latin America and the Caribbean, is also deteriorating due to tighter financial conditions, narrower fiscal space, and weak external demand.
The world is struggling to return to the 3.0 percent annual average from 2000 to 2019, representing years of uneven growth
Growth in the United States is projected to be 1.4 percent in 2024, following a projected 2.5 percent growth in 2023.
Among the largest developed economies, the European Union will see a higher growth rate of 1.2 percent in 2024 from about 0.5 percent in 2023. The Japanese economy will continue to slow from 1.7 percent in 2023 to 1.2 percent in 2024.
China's economy will slow from 5.3 percent in 2023 to 4.7 percent in 2024. According to the report, India's economy, which is estimated to grow by 6.3 percent in 2023, will grow by 6.2 percent in 2024.
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Global inflation is projected to decline further from around 5.7 percent in 2023 to 3.9 percent in 2024. However, price pressures in many countries are still high, and any further escalation of geopolitical conflicts poses a risk of a new rise in inflation, the report warns.
The report calls for stronger international cooperation to spur growth and advance the environmental transition.
2024 should be the year we break out of the mire. By making big, bold investments, we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all
According to him, the time has come for an effective debt repayment mechanism to free up fiscal space for investments in healthcare, education, social protection, decent work, digital infrastructure and renewable energy.