<\/p>\n
UN Trade and Development (UNCTAD) forecasts global economic growth to slow to 2.6% in 2024, just above the 2.5% threshold commonly associated with a recession.<\/p>\n
This marks the third consecutive year of growth below the pre-pandemic rate, which averaged 3.2% between 2015 and 2019.<\/p>\n
The UNCTAD report warns that the prevailing focus on inflation overshadows urgent issues like trade disruptions, climate change and rising inequalities.<\/p>\n
It calls for structural reforms and co-ordinated global efforts, proposing a comprehensive strategy that includes both supply-side policies to boost investment and demand-side measures to improve employment and income.<\/p>\n
The report highlights an uneven post-pandemic recovery in different regions.<\/p>\n
On Africa, the UNCTAD report says it is projected to grow at 3% in 2024, up slightly from 2.9% in 2023. Armed conflicts and climate impacts pose significant challenges in several countries.<\/p>\n
The continent\u2019s largest economies \u2013 Nigeria, Egypt and South Africa \u2013 are underperforming, affecting overall prospects.<\/p>\n
On South America, the report said the economic growth is slowing, with Brazil expected to grow at 2.1%, hampered by external pressures and commodity dependence, while Argentina faces a 3.7% contraction due to inflation and complex debt negotiations.<\/p>\n
North America: Growth remains relatively resilient, though challenges continue. The United States is expected to grow at 2%, reflecting concerns over high household debt levels.<\/p>\n
Asia: China targets around 5% growth in 2024, capitalizing on robust manufacturing and trade. India’s economy is buoyed by strong public investment and service sector growth, with a forecasted expansion of 6.5% in 2024. Japan is expected to grow at 1.0% amid export demand challenges.<\/p>\n
Europe: Major economies experience economic slowdowns, with France, Germany, and Italy projecting growth of 1.3%, 0.9%, and 0.8%, respectively, due to industrial and fiscal challenges.<\/p>\n
Oceania: Economic growth in the region, particularly in Australia (1.4% growth projected in 2024), is expected to remain subdued, with the low-growth period extending into 2024.<\/p>\n
UNCTAD<\/p>","protected":false},"excerpt":{"rendered":"
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