Economic Growth

30 Jan

Global Growth Projected At 3.1%, 3.2% In 2024, 2025 – IMF

wontumionlineBusinessEconomic Growth, imf

Global growth is projected at 3.1% in 2024 and 3.2% in 2025, the January 2024 World Economic Outlook Update by the International Monetary Fund has revealed. The 2024 forecast of 0.2 percentage points is higher than that in the October 2023 World Economic Outlook (WEO) on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China. The forecast for 2024–25 is, however, below the historical (2000–19) average of 3.8%, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing…

20 Jan

Africa To Outperform Rest Of World In Economic Growth In 2023-2024

wontumionlineBusinessAfrica, African Economic Outlook, Economic Growth

Africa is set to outperform the rest of the world in economic growth over the next two years, with real gross domestic product (GDP) averaging around 4% in 2023 and 2024. This is higher than projected global averages of 2.7% and 3.2%, the African Development Bank Group said in Africa’s Macroeconomic Performance and Outlook report for the region, released in Abidjan on Thursday, January 19, 2023. With a comprehensive regional growth analysis, the report shows that all the continent’s five regions remain resilient with a steady outlook for the medium-term, despite facing significant headwinds due to global socio-economic shocks. It also identified…