UNITED NATIONS — The United Nations reported improved prospects for the world economy since its January forecast on Thursday, pointing to a better outlook in the United States and several large emerging economies including Brazil, India and Russia.
"Our prognosis is one of guarded optimism, but with important caveats,” Shantanu Mukherjee, director of the U.N.’s Economic Analysis and Policy Division, told a news conference launching the report.Mukherjee said inflation, which is down from its 2023 peak, is both “a symptom of the underlying fragility” of the global economy where it still lurks, “but also a cause for concern in its own right.
The U.N. forecast for 2024 is lower than those of both the International Monetary Fund and the Organization for Economic Cooperation and Development.that the world economy would continue growing at 3.2% during 2024 and 2025, the same pace as in 2023. And the OECD in early May forecast 3.1% growth in 2024 and 3.2% in 2025.,Despite climate risks, the report by the U.N. Department of Economic and Social Affairs forecasts improved economic growth from 2.4% in 2023 to 3.
Mukherjee said the lower forecast for Africa “is particularly worrying because Africa is home to about 430 million living in extreme poverty and close to 40% share of the global undernourished population" and "two-thirds of the high inflation countries listed in our update are also in Africa.”
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