(SkyNews)
Global economic growth is projected to slow from 2.7 percent in 2023 to 2.4 percent in 2024, according to the UN’s World Economic Situation and Prospects 2024 report, writes The Guardian.
Weakening global trade, high borrowing costs, rising public debt, persistently low investment and rising geopolitical tensions put global economic growth at risk, the report said.
Growth in many advanced economies, particularly the United States, is projected to slow in 2024 given high interest rates, lower consumer spending and weaker labor markets.
The short-term growth outlook for many developing countries, particularly in East Asia, West Asia, Latin America and the Caribbean, is deteriorating due to tighter financial conditions and shrinking fiscal space.
Low-income and vulnerable economies face increasing balance of payments pressures and debt sustainability risks. Economic prospects for small island developing states will be limited by large debts, high interest rates and climate problems, the report said.
