UN Forecasts Slower Global Growth Ahead, Citing Conflicts, Trade Tensions and Climate Threats
• The UN projects global economic growth will slow from 2.7% in 2023 to 2.4% in 2024, below pre-COVID levels, due to conflicts, trade issues, high interest rates, and climate disasters.
• The UN forecast is more pessimistic than the IMF and OECD forecasts of 2.9% and 2.7% growth respectively in 2024.
• Inflation is declining but still high at a projected 3.9% globally in 2024, exceeding 10% in a quarter of developing countries.
• The US likely averted a recession in 2023 but faces risks from high interest rates and potential shocks, with growth slowing from 2.5% to 1.4%.
• China's growth is projected to moderate from 5.3% in late 2023 to 4.7% in 2024 due to a weak property sector and poor export demand.