Global Economic Growth Anticipated to Slow in 2024
In a recent report, the UN Trade and Development agency predicts that global economic growth will slow to 2.6 percent in 2024, indicating an uneven post-pandemic financial recovery among countries.
Inflation Overshadows Critical Issues
The prevailing focus on inflation is overshadowing critical issues like trade disruptions, climate change, and rising inequalities, driving the economic slowdown in various countries, according to UNCTAD.
Saudi Arabia’s Economy Expected to Grow
Saudi Arabia’s economy is expected to increase by 2.7 percent in 2024, a slight decrease from previous projections, the report reveals.
Regional Economic Projections
China is projected to grow by 5 percent in 2024, while India’s output will expand by 6 percent. On the other hand, European countries like France, Germany, and Italy are expected to face economic slowdowns.
Challenges in North America and South America
The US economy is projected to grow at 2 percent in 2024, while Brazil and Argentina face challenges due to external pressures, commodity dependence, inflation, and debt negotiations.
Risks in African Economy
The African economy is expected to grow by 3 percent in 2024, but faces risks from armed conflicts and climate impacts.
Rising Inequality in Labor Market
Post-pandemic, inequality in the labor market continues to rise, with workers earning a reduced share of income, widening wage and wealth gaps, according to UNCTAD.
IMF Warns Against Declaring Victory
The International Monetary Fund predicts global economic growth to continue at 3.2 percent in 2024 and 2025, with global inflation expected to decrease. However, the IMF warns that it is still too early to declare victory in the fight against inflation.