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UNCTAD predicts global economic growth will stagnate at 2.7% in 2024 and 2025
Posted on October 30, 2024 |
UNCTAD projects global economic growth will remain stagnant at 2.7% for 2024 and 2025, down from the 3% average between 2011 and 2019 and the 4.4% average before the 2008 financial crisis.
The global South's growth rates have decreased from 6.6% from 2003 to 2013 to 4.1% in the last decade, making it harder for countries to expand social services and manage rising costs and debt.
Economies in the global South, excluding China, have averaged a growth rate of 2.8% over the past ten years.
High interest rates in developed countries and falling currencies in developing nations raise the costs of foreign debt, forcing governments to focus on debt payments rather than development.
Trade growth has stalled, with global merchandise trade contracting by 1.2% in 2023, the first decline in history despite overall economic growth.
The services sector is becoming a potential growth area, expanding at 5% annually and making up 25% of global trade by 2022.
Developing countries receive less than 30% of global services export revenues, contributing to ongoing inequalities.
Advanced economies dominate the creative services sector, which was valued at $1.4 trillion in 2022, accounting for 80% of exports, while investment in intangible assets tripled the growth rate of physical assets, reaching $6.9 trillion in 2023.