UNCTAD adjusts global GDP forecast up for 2023, 2024

(MENAFN) The UN Conference on Trade and Development (UNCTAD) has adjusted its global GDP forecast, signaling a slightly more optimistic outlook for the global economy. The revised projections now anticipate a growth rate of 2.7 percent for 2023, up from the previous estimate of 2.5 percent. Similarly, for 2024, the forecast has been revised upwards from 2.5 percent to 2.6 percent, reflecting a modest but positive adjustment in expectations for economic expansion over the next two years.

"The risks that threatened to substantially slow down global economic growth in 2023 did not fully materialize," stated a press release issued on Tuesday.

UNCTAD noted that several economies, including significant ones like China, India, Indonesia, Russia, and the United States, managed to avoid the financial difficulties that were anticipated earlier in the year.

The organization revised its forecasts for various countries, raising the outlook for the United States from 1.9 percent to 2 percent for 2024, for the eurozone from 1.2 percent to 1.5 percent, for the UK from 0.4 percent to 0.5 percent, for Russia from 1.9 percent to 2.6 percent, and for China from 4.8 percent to 4.9 percent.

Conversely, UNCTAD adjusted downward its forecasts for certain nations, including Germany (from 1.1 percent to 0.9 percent), Canada (from 1 percent to 0.8 percent), and Australia (from 1.5 percent to 1.4 percent).

Moreover, UNCTAD raised its expectations for the Turkish economy in 2024 from 1.9 percent to 3.6 percent, indicating a more positive outlook for Turkey's economic growth.



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