938. World Economic Situation and Prospects 2024

In January, the United Nations released its World Economic Situation and Prospects 2024 report, revealing a persistently challenging global economic landscape.

The report underscores that the global economy is grappling with an ongoing crisis, which poses a threat to the achievement of the Sustainable Development Goals (SDGs). Despite stronger-than-expected global economic growth in 2023, driven by the recovery of major economies, the outlook for 2024 is clouded by simmering geopolitical tensions and an increased frequency of extreme weather events. Monetary tightening has further dampened the outlook for global trade and industrial production.

The report's projections point to a slowdown in global GDP growth, from 2.7% in 2023 to 2.4% in 2024. Developing countries, facing challenges such as high debt and declining investment, continue to struggle to recover from the impact of the pandemic.

While global inflation, a persistent concern in recent years, is showing signs of moderation - expected to be 3.9% in 2024, down from 8.1% in 2022 and 5.7% in 2023 - food price inflation remains a critical issue. Of particular concern is its impact on food security and poverty in developing countries.

The report highlights the key role of multilateralism and international cooperation in addressing the complex challenges of the global economy. It emphasizes the need for concerted efforts in areas such as climate action, sustainable finance, and debt sustainability, especially in low- and middle-income countries, to effectively work towards achieving the SDGs.
 

Reference
United Nations (2024). World Economic Situation and Prospects 2024. New York.
https://desapublications.un.org/publications/world-economic-situation-a…

Contributor: IIYAMA Miyuki (Information Program)