Global economic growth expected to decelerate to 3% in 2024

Posted on April 29, 2024   |  

UNCTAD forecasts global economic growth to slow to 2.6% in 2024, just above the recession threshold of 2.5%.

This marks the third consecutive year of growth below the pre-pandemic average of 3.2% from 2015 to 2019.

Africa's growth is projected at 3% in 2024, slightly up from 2.9% in 2023, despite challenges from conflicts and climate impacts.

Major African economies like Nigeria, Egypt, and South Africa are struggling, affecting the region's overall prospects.

South America sees slowing economic growth, with Brazil expected to grow at 2.1%, and Argentina facing a 3.7% contraction due to inflation and debt issues.

North America's growth remains relatively steady, with the United States expected to grow at 2%, but concerns linger about high household debt.

In Asia, China targets about 5% growth, India expects a 6.5% expansion, while Japan anticipates 1.0% growth. 

Europe's major economies, including France, Germany, and Italy, project modest growth rates due to industrial and fiscal challenges.