In the UN Report on the World Economic Situation and Prospects for 2024, analysts predict that the growth rate of the world economy will slow from 2.7% last year to 2.4% in 2024.
Economists predict that a protracted period of high interest rates, the further escalation of conflicts, sluggish international trade, and the increased frequency of natural disasters due to climate change will pose severe challenges to growth.
In some large, developed countries, primarily in the US, the economy’s development will be restrained by high interest rates, a slowdown in consumer spending, and a weakening in the labor market.
Short-term growth prospects in many developing countries in East and West Asia, Latin America, and the Caribbean are also deteriorating.
Global inflation will decrease from 5.7% in 2023 to 3.9% in 2024. However, further escalation of geopolitical conflicts may cause its growth to resume.
However, experts note that Ukraine’s economy shows a certain resilience to the consequences of the war. Ukraine’s GDP in 2023 grew by 4.6% after a previous drop of 29.1%.