Global economy to grow 2.7% in 2024: UN report ANI
New Delhi [India], May 17 (ANI): The The current projections are up by 0.3 percentage points from the January forecast for the year 2024 and 0.1 percentage points for the next year, 2025.
However, the
The upward revisions mainly reflect a better outlook in the United States, where the latest forecast points to 2.3 per cent growth in 2024, and several large emerging economies, notably Brazil, India and the Russian Federation. The outlook for China registers a small uptick, with growth now expected to be 4.8 per cent in 2024, the report observed.
On the other hand, it highlighted that the
Going ahead, the report added that the softening international commodity prices and tight monetary stances adopted by most central banks have set the
The stagnant employment situation in developing economies contrasts with that of developed economies, particularly in North America, Europe and Japan, where unemployment rates remain near record lows. Furthermore, the near-term outlook for certain economies is clouded by the potential intensification of geopolitical tensions and multiple conflicts across the world.
In the wake of the growing use of minerals in electric vehicles and semiconductor components, the report highlighted that the energy transition can also be an opportunity for achieving the
"Countries endowed with critical mineral resources will, however, need smart policies, as well as effective implementation capacities to reap the benefits and avoid a renewed 'resource curse'," the report underscored.