UN reports improved prospects for the world economy and forecasts 2.7% growth in 2024

UNITED NATIONS — The United Nations reported improved prospects for the world economy since its January forecast on Thursday, pointing to a better outlook in the United States and several large emerging economies including Brazil, India and Russia.

The report pointed to interest rates that are higher for longer periods, debt repayment challenges, continuing geopolitical tensions and climate risks especially for the world’s poorest countries and small island nations. The U.N. forecast for 2024 is lower than those of both the International Monetary Fund and the Organization for Economic Cooperation and Development.

Despite climate risks, the report by the U.N. Department of Economic and Social Affairs forecasts improved economic growth from 2.4% in 2023 to 3.3% in 2024 for the small developing island nations primary due to a rebound in tourism.

Source: Financial Digest (financialdigest.net)

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