UN predicts slowdown in global economic growth in 2024
The world is still in the danger zone of global instability
The world economy is expected to grow by only 2.4%, while before the COVID-19 pandemic this figure was 3%
UN experts predict slow global economic growth as the recovery from the COVID-19 pandemic is still uneven, and unpredictable factors such as climate change and geopolitical tensions could slow progress.
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The authors of the UN's flagship report, the World Economic Situation and Prospects 2024, cited by Voice of America, predict that global economic growth will slow to 2.4% this year after 2.7% in 2023.
This is below the pre-pandemic growth rate of 3%.
"The stronger-than-expected performance in 2023 is mainly due to several large economies – primarily the United States, but also Brazil, India and Mexico," said Shantanu Mukherjee, director of the Economic Analysis and Policy Division of the UN Department of Economic and Social Affairs.
However, he noted that growth could slow this year, especially in the US, due to high interest rates, lower consumer spending and a weakening labor market.
"We are still not out of the danger zone in terms of the instability of the overall situation," Mukherjee told reporters.
Background. Read more about one of the world's largest economies in Mind's article "China's Economy: How Dictatorship Affects Development".
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