Tag: economy

Explore the global anticipations for 2024—optimism, concerns, and transformative shifts. From economic outlook to climate anxiety, delve into the diverse expectations shaping the narrative of the coming year

Remittances, a crucial financial support system for millions in developing economies, surged to nearly $800 billion in 2022. Approximately 80% of these funds, sent by migrants to their home countries, were directed towards low and middle-income nations.

The Organization for Economic Cooperation and Development (OECD) has released its latest Economic Outlook, predicting a modest global GDP growth of 2.9% in 2023. However, the report warns of challenges such as necessary monetary policy tightening, weak trade, and declining business and consumer confidence. Asia is anticipated to drive global growth in 2024-25.

While two-thirds of countries globally have enacted dedicated policies for renewable energy, the report unveils a stark contrast. Only half of least developed countries (LDCs) and a third of small island developing states (SIDS) have implemented such policies, said the United Nations Conference on Trade and Development (UNCTAD) in its latest Investment Policy Monitor.

The global economy stands at a pivotal moment, marked by a stark contrast between thriving and struggling economies, according to the United Nations Conference on Trade and Development (UNCTAD). In Trade and Development Report 2023, UNCTAD forecasts a slowdown in world economic growth from three percent in the previous year to 2.4 percent in 2023, with limited signs of recovery in 2024.

Majority of the people believe investing in infrastructure could stimulate economic growth and job creation but are cautious about delivery, increased taxation, and borrowing to fund such investments, according to a recent study. A recent global study conducted in 31 countries by Ipsos in collaboration with the Global Infrastructure Investor Association highlights this.

The world economy is expected to see moderate growth in 2023, projected at 3.0%, but is anticipated to slow down slightly to 2.7% in 2024. This economic growth is largely driven by Asia, despite a weaker recovery in China than expected. However, global growth in 2024 is likely to be lower, primarily due to monetary policy becoming more visible and China's subdued domestic demand, said OECD in its latest report.

About 3.3 billion people now live in countries where debt interest payments are greater than expenditure on health or education even as the global public debt reached an all-time high of $92 trillion in 2022. This comes up in a report titled "A world of debt: A growing burden to global prosperity".

About one in three countries worldwide is at high risk of a fiscal crisis, with developing countries facing the greatest burden of debt.

Countries can now make more accurate diagnostics and measurements of their economic performance, thanks to UNCTAD’s Productive Capacities Index (PCI) launched on June 20.