UN predicts global economic growth to slow to 2.6 percent in 2024 amid uneven recovery


(MENAFN) The UN Trade and Development agency anticipates a global economic growth slowdown to 2.6 percent in 2024, signaling an uneven recovery post-pandemic across different nations. The focus on inflation, overshadowing other critical issues like trade disruptions, climate change, and rising inequalities, is identified as a key driver behind this economic deceleration in various countries, as per UNCTAD's latest report.

Saudi Arabia's economy is expected to expand by 2.7 percent in 2024, slightly lower than previous projections, reflecting the broader trend of moderated growth amidst global economic uncertainties.

In Asia, China is forecasted to achieve a growth rate of 5 percent in 2024, while India is poised for a 6 percent expansion, buoyed by significant public investment and growth in the service sector.

Conversely, several European nations are anticipated to experience economic sluggishness, with France, Germany, and Italy expected to grow at rates of 1.3 percent, 0.9 percent, and 0.8 percent, respectively, in 2024.

In North America, economic development remains relatively robust, albeit with ongoing challenges. The US economy is projected to grow by 2 percent in 2024, with concerns revolving around high household debt levels, as noted by UNCTAD.

South America faces a slowdown in economic growth, with Brazil expected to grow by 2.1 percent, hindered by external pressures and its commodity dependence. Argentina, on the other hand, is projected to experience a 3.7 percent contraction due to inflationary pressures and complex debt negotiations.

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