UN World Economic Situation and Prospects 2024 report

• UN World Economic Situation and Prospects 2024 report was released recently by UN’s Department of Economic and Social Affairs (DESA).

MAJOR FINDINGS

• A lower forecast for global GDP growth, to an estimated 4 percent in 2024 from 2.7 percent in 2023
• Lingering risks and uncertainties include Russia-Ukraine war, the conflict in Palestine, and the decisions of several developed economies to keep interest rates higher
• Global inflation is projected to decline further, from an estimated 5.7 per cent in 2023 to 3.9 per cent in 2024.

ABOUT INDIA

• India is projected to grow at 6.2 per cent in 2024, supported by robust domestic demand and strong growth in the manufacturing and services sectors.
• India remains the fastest-growing large economy in the world.
• In 2022, FDI (foreign direct investment) flows to India rose by 10 per cent, making it the third largest host country for announced greenfield projects.