The UN’s World Economic Situation and Prospects -WESP report for 2024 projects slowdown in global growth from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024.
The flagship forecast launched in New York indicates that 2023 stronger-than-expected GDP growth coming out of the COVID-19 pandemic masked short-term risks and structural vulnerabilities in the world economy.
Reports say that the sombre short-term outlook is based on persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, which all pose significant challenges to global growth.
According to the report, global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. It noted that price pressures are still elevated in many countries and any further escalation of geopolitical conflict will add to that.
The UN’s World Economic Situation and Prospects -WESP report for 2024 projects slowdown in global growth from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024.
The flagship forecast launched in New York indicates that 2023 stronger-than-expected GDP growth coming out of the COVID-19 pandemic masked short-term risks and structural vulnerabilities in the world economy.
Reports say that the sombre short-term outlook is based on persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, which all pose significant challenges to global growth.
According to the report, global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. It noted that price pressures are still elevated in many countries and any further escalation of geopolitical conflict will add to that.