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UNCTAD FORECASTS INDIA’S GDP GROWTH AT 6.5 PC IN 2024

by New DeskApril 16, 2024April 16, 2024075
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New Delhi, April 16 (IANS) The latest UN Conference on Trade and Development
(UNCTAD) report released on Tuesday forecasts global economic growth at 2.6 per
cent in 2024 barely above the 2.5 per cent threshold commonly associated with a
recessionary phase.

However, amid the gloomy global scenario, it states that India’s economy is
buoyed by strong public investment and service sector growth, with a forecasted
expansion of 6.5 per cent in 2024.

The report states that in Europe, countries like Germany and Italy are
struggling with weak economic activity and facing industrial slowdowns and
fiscal constraints, impacting their growth projections.

As far as the Americas are concerned, growth is expected to slow, with Argentina
facing severe inflation, and Brazil’s economic momentum dampened by external
pressures and reliance on commodities. North America remains relatively
resilient, though challenges continue.

Africa is projected to grow at 3.0 per cent in 2024, up slightly from 2.9 per
cent in 2023. Armed conflicts and climate impacts pose significant challenges in
several countries.

Meanwhile, the continent’s largest economies – Nigeria, Egypt and South Africa –
are underperforming, affecting overall prospects.

Growth in the Oceania region, particularly in Australia, is expected to remain
subdued, with the low-growth period extending into 2024.

The report also observes that in 2023, global merchandise trade fell by about 1
per cent in real terms, marking a significant divergence from overall economic
growth.

The contraction was partly due to trade tensions among some large economies and
subdued global demand.

Over the last six months, disruptions in key shipping routes, such as the severe
drought affecting the Panama Canal and attacks on vessels in the Red Sea, have
strained merchandise trade further and significantly increased shipping costs,
the report points out.

indian economyIndian GDPUN Conference on Trade and DevelopmentUNCTAD
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IMF INCREASES INDIA’S GROWTH PROJECTION TO 6.8 PC FOR 2024

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FacebookTwitterInstagramYoutube
 * Home
 * Honorable
   * President of India
   * Vice-President of India
   * Prime Minister of India
 * Council of Ministers
   * Cabinet Ministers
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     ( Independent Charge )
   * Minister of State
 * MP’s
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