The World Economic Situation and Prospects 2024

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The World Economic Situation and Prospects 2024 is a report produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions: 

  1. the Economic Commission for Africa (ECA), 
  2. Economic Commission for Europe (UNECE), 
  3. Economic Commission for Latin America and the Caribbean (ECLAC), 
  4. Economic and Social Commission for Asia and the Pacific (ESCAP) and 
  5. Economic and Social Commission for Western Asia (ESCWA). 

The United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) and the United Nations World Tourism Organization (UNWTO) also contributed to the report.

Key highlights:

  1. Global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024. 
  2. Labour markets of Developed countries experienced a recovery with low unemployment rates.
  3. There is a noted slowdown in investment growth across both developed and developing economies.
  4. International trade is losing steam as a growth driver, with global trade growth weakening to 0.6 per cent in 2023, recovering to 2.4 per cent in 2024.
  5. Developing countries face high levels of external debt and rising interest rates, making access to international capital markets difficult.
  6. Gross domestic product in South Asia grew by an estimated 5.3 per cent in 2023 and is projected to increase by 5.2 per cent in 2024.
  7. India remains a remains the fastest growing large economy in the world.
  8. Growth in India is projected to reach 6.2 per cent in 2024, slightly lower than the 6.3 per cent estimate for 2023.



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