The latest World Economic Situation and Prospects report released by the Department of Economic and Social Affairs of the United Nations (UN) paints a promising global economic growth picture. The report predicts a 2.7% growth in 2024 and a 2.8% growth in 2025, an upward revision from previous forecasts.

Despite the expectation that major economies will avoid significant downturns, the report also highlights several challenges that could potentially pose threats to global growth. These challenges include concerns about higher interest rates, debt sustainability, geopolitical tensions, and the risks associated with climate change.

The report also highlights the improved economic outlooks for countries such as the United States, Brazil, India, and the Russian Federation while expressing concern over Africa’s deteriorating financial outlook.

The projected global growth remains below the 3.2% average observed during 2010-2019.

The report underscores the potential opportunities for achieving Sustainable Development Goals through the energy transition but cautions that effective policies are needed for countries with critical mineral resources to avoid adverse consequences.

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