13 Questions
What is the projected growth rate of China in 2024?
5.0 percent
Which region is expected to have a growth rate of around 1.0 percent in 2024?
Europe and Japan
What is the growth rate target for the Least Developed Countries (LDCs) outlined in the SDGs?
7.0 percent
What is the expected growth rate of Africa in 2024?
3.8 percent
What are the challenges faced by developing economies in recovering from the pandemic?
High debt levels and investment shortfalls
What has been the global economy's response to pessimistic forecasts?
It has avoided a recession
What has been the impact of the Russian-Ukraine conflict on the global economy?
A global energy and food crisis
What has been the trend of global economic growth from 2022 to 2025?
It has slowed down
What is the projected annual average global inflation rate in 2025?
4.5 percent
What has been the impact of central banks' policy measures on mortgage expenses and credit accessibility?
Mortgage expenses have surged, and credit accessibility has diminished
What has been the impact of the inflation surge on the global economy?
It has led to a cost-of-living crisis
What is the projected growth rate of the United States in 2024?
2.7 percent
What has been the response of major emerging market economies to the global economic challenges?
They have managed to avoid abrupt halts
Study Notes
Global Economy Review
- The global economy has shown remarkable resilience, characterized by steady growth and gradual movement towards the inflation target.
- The journey has been marked by significant events, including supply-chain disruptions, Russian-Ukraine conflict, and a surge in inflation.
- Despite pessimistic forecasts, the global economy avoided a recession, with the banking system demonstrating reasonable resilience.
Economic Growth
- Global economic growth slowed down from 3.5% in 2022 to 3.2% in 2023 and is projected to continue at the same pace in 2024 and 2025.
- The growth rate is below the historical (2000-19) annual average of 3.8%.
Inflation
- Global inflation is expected to fall from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025.
- In response to inflationary pressures, major central banks have implemented restrictive policy measures by raising interest rates.
Country-Specific Growth
- The United States is projected to increase growth to 2.7% in 2024, maintaining the strong momentum seen in 2023.
- China is forecasted to undergo a moderated growth rate, with projections dipping from 5.2% in 2023 to 5.0% in 2024.
- Europe and Japan are expected to have growth rates hovering around 1.0% in 2024.
- Developing economies are struggling to recover from the impacts of the pandemic, with high debt levels and investment shortfalls.
- Africa expects a slight improvement in growth from 3.4% in 2023 to 3.8% in 2024.
- The Least Developed Countries (LDCs) are still falling short of the 7.0% growth target outlined in the SDGs.
Review the current state of the global economy, including its growth, resilience, and response to various events and challenges.
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