World Economic & Prospects Report 2024 | United Nations Dept of Economic and Social Affairs

Global economic growth is projected to slow from an estimated 2.7 percent in 2023 to 2.4 per cent in 2024, trending below the pre-pandemic growth rate of 3.0 per cent, according to the United Nations World Economic Situation and Prospects (WESP) 2024 report.

At the launch of the report today (04 Jan), Hantanu Mukherjee, Director of the Economic Analysis and Policy Division and Hamid Rashid, Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division, UN DESA, spoke to reporters in New York. .

This latest forecast comes on the heels of global economic performance exceeding expectations in 2023. However, last year’s stronger-than-expected GDP growth masked short-term risks and structural vulnerabilities.

The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.

The prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).

“2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” said António Guterres, United Nations Secretary- General. “We must build on the progress made in the past year towards an SDG Stimulus of at least $500 billion per year in affordable long-term financing for investments in sustainable development and climate action.”

Subdued growth in developed and developing economies Growth in several large, developed economies, especially the United States, is projected to decelerate in 2024 given high interest rates, slowing consumer spending and weaker labour markets. The short-term growth prospects for many developing countries – particularly in East Asia, Western Asia and Latin America and the Caribbean – are also deteriorating because of tighter financial conditions, shrinking fiscal space and sluggish external demand. Low-income and vulnerable economies are facing increasing balance-of-payments pressures and debt sustainability risks. Economic prospects for small island developing States, in particular, will be constrained by heavy debt burdens, high interest rates and increasing climate-related vulnerabilities, which threaten to undermine, and in some cases, even reverse gains made on the SDGs.

Inflation trending down but recovery in labour markets still uneven.

Global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. Price pressures are, however, still elevated in many countries and any further escalation of geopolitical conflicts risks renewed increases in inflation.

In about a quarter of all developing countries, annual inflation is projected to exceed 10 percent in 2024, the report highlights. Since January 2021, consumer prices in developing economies have increased by a cumulative 21.1 per cent, significantly eroding the economic gains made following the COVID-19 recovery. Amid supply-side disruptions, conflicts and extreme weather events, local food price inflation remained high in many developing economies, disproportionately affecting the poorest households.

“Persistently high inflation has further set back progress in poverty eradication, with especially severe impacts in the least developed countries,” said Li Junhua, United Nations Under-Secretary-General for Economic and Social Affairs. “It is absolutely imperative that we strengthen global cooperation and the multilateral trading system, reform development finance, address debt challenges and scale up climate financing to help vulnerable countries accelerate towards a path of sustainable and inclusive growth.”

According to the report, the global labour markets have seen an uneven recovery from the pandemic crisis. In developed economies, labour markets have remained resilient despite a slowdown in growth. However, in many developing countries, particularly in Western Asia and Africa, key employment indicators, including unemployment rates, are yet to return to pre- pandemic levels. The global gender employment gap remains high, and gender pay gaps not only persist but have even widened in some occupations.

World Economic Situation and Prospects Report 2024:

[Kismet-Nights]

"يجب أن يكون 2024 عاما لإعادة بناء الثقة واستعادة الأمل. يجب أن نمد جسور التلاقي فوق الانقسامات للتوصل إلى حلول مشتركة. ستواصل الأمم المتحدة حشد العالم من أجل السلام والتنمية المستدامة وحقوق الإنسان".

— الأمين العام يوجه رسالة مصورة بمناسبة العام الجديد.
😊
🙏🏻

[carollever]

Two individuals do not have a clue what over 8 billion citizens will accomplish together!!!

[MaybeYoureRight-]

Technology and innovation featured prominently at COP28, with a Climate Innovation Forum convening global tech leaders to explore the development and scaling of cutting-edge climate solutions and breakthroughs 😅

[gaurav]

Global Awareness drive team believes Cloud Software and postive Technology growth will contribute immensely in Global Economy in 2024 year.

[India]

”ليس من الحكمة أن يكون الإنسان متأكداً من حكمته، إنه أمر صحي أن يتم تذكيره بأنّ الأقوى يمكن أن يضعف، والأكثر حكمة يمكن أن يخطئ.“
— المهاتما غاندي 🇮🇳

[KOJIKOTANI]

It is valiant not to look at righteousness, Confucius

[faizajaved]

One word for world
Shame.
speechless in front of bleeding bodies of innocent civilians😢asking for freedom and peace for humanity

[Surga_myth_dewa_real]

Harvest on every farm would very low even empty when heat wave and wheather is very hot, and it would making every price climb up from basic food to all product together, thats economic crisis start moving, , so effort or activity that protect harvest thinks would very help future of economic, here in IMF, WEF, World Bank, ❤❤❤

[carollever]

Citizens all require sustainable virtual incomes to participate in the consumer markets that’s all.

[DAnnaHawkinsHensley-kfnm]

And even though this is about economics I want to say this a law that I want for the schools is that the children aren't allowed to be at a bus stop before the sun rises and the children will always be at home before sunset

[zahidurrahmanapon]

I wish the health of women's employment system for the development of human rights 🇧🇩

[carollever]

Our Royal Family and the Vatican rule. ❤

[meeranraees]

Mr sir presented, s of United nations and mr secretary general of assembly United nations ,
Mr sir, s i m not understanding for there's subject ,
What is intrasting for general scientific peace , for globally peace development,

[RicocastilloramiloDioquino]

Lets make uniity prace care secure safe health

[arifulislamleeton]

Hi I'm Ariful Islam leeton im software developer and members of the international organization who and investors public and private Sector and members of the United Nations

[meeranraees]

Clear policy, plan not possible for social media,

[MaybeYoureRight-]

We wish HE Mukhtar Babayev, President-Designate of COP29, and HE Yalchin Rafiyev, Lead Negotiator of COP29 every success in their roles as Azerbaijan hosts the Conference of the Parties this year.

We look forward to working alongside the COP29 and COP30 Presidencies, and the UNFCCC to build on the transformative and historic success of COP28 and keep 1.5°C within reach.
— COP28 UAE 😅

[DAnnaHawkinsHensley-kfnm]

I'll be able to post this without being interrupted I need those that really want the technology to really comprehend that the ingredients for technology for plastics for rubber along with the food production all of it is grown on farms all of what we need for technology is growing on farms other than the mining that happens so protecting the farms so that there can be a production of the ingredients required to have technology and to of course keep our food supplies in order it's very important I understand that a million-dollar home looks like a big deal and looks like a large amount of money but because the ingredients for technology are grown on the farm and are bought and sold the farmer isn't making 80 million dollars on the crop but that crop in the scheme of the economy does make 80 million dollars from planting to growth all the way to the storefront shelves and the the production of a tomatoes some of them go as fresh produce but others go to the pizza sauce manufacturer or to the spaghetti sauce manufacturer and all of those people have jobs because that farmer has grown tomatoes and you can count how many jobs those tomatoes provided how many jobs tomatoes produce from the farmer all the way to the delivery drivers the the doc loaders the manufacturing line and the delivery drivers again and then to a store shelf to the grocery store clerk or the restaurant waitress or cashier clerk or the delivery drivers at a pizza restaurant all of those jobs are created in are sustainable because a farmer has a farm to grow those ingredients the same with soybean soybeans we use those to produce plastics but of course we use soy beans for other things and we eat soy beans and we have soybean products all of those things the soybean Haull ll of course the delivery driver and then it goes to the manufacturer and it's melted down and then the injection molding machines that we press the cases for cell phones for computers for plastic cups for containers for all of those things and all of that happens because there is a farmer that has a farm and has planted the seeds and has grown the products that you need the ingredients that you need for technology and the same with a cotton crop and textiles so I need people to really comprehend the farms because that million-dollar home that you're building on the farm it really is causing a great deal of problems with the economy

[maidalynnn.jaguitrnmmphd]

United Nations Department of Economic and Social Affairs

[daviddearmond]

Please stop. You folks have done enough damage.