UN reports improved prospects for the world economy and forecasts 2.7% growth in 2024
7 months, 1 week ago

UN reports improved prospects for the world economy and forecasts 2.7% growth in 2024

Associated Press  

UNITED NATIONS — The United Nations reported improved prospects for the world economy since its January forecast on Thursday, pointing to a better outlook in the United States and several large emerging economies including Brazil, India and Russia. “Globally, energy and food prices are inching upward in recent months, but I think a bit more insidious even is the persistence of inflation above the 2% central bank target in many developed countries.” The U.N. forecast for 2024 is lower than those of both the International Monetary Fund and the Organization for Economic Cooperation and Development. Despite climate risks, the report by the U.N. Department of Economic and Social Affairs forecasts improved economic growth from 2.4% in 2023 to 3.3% in 2024 for the small developing island nations primary due to a rebound in tourism. It cited weak prospects in the continent’s largest economies – Egypt, Nigeria and South Africa – along with seven African countries “in debt distress” and 13 others at “high risk of debt distress.” Mukherjee said the lower forecast for Africa “is particularly worrying because Africa is home to about 430 million living in extreme poverty and close to 40% share of the global undernourished population” and “two-thirds of the high inflation countries listed in our update are also in Africa.” For developing countries, he said, the situation isn’t “as dire” but an important concern is the continuing fall and sharp decline in investment growth.

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