WESP 2024

The world economy in 2023 proved to be resilient, exceeding expectations with an estimated growth rate of 2.7 per cent, higher than the 2.3 per cent forecast last May. However, this better-than-expected performance masks underlying short-term risks and structural vulnerabilities.

The World Economic Situation and Prospects 2024, presents a sombre economic outlook for the near term, with global growth in 2024 projected to slow to 2.4 per cent. Persistently high interest rates, potential escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to the world economy.

“Prospects are weakening as years of easy liquidity have turned around, with sharp hikes in interest rates, now expected to stay higher for longer,” said Shantanu Mukherjee, Director of the Economic Analysis and Policy Division of UN DESA. “That’s contributing to slowing investments, increasing debt distress, and worsening fiscal conditions.”