The OECD projects a global GDP growth of 2.7% in 2024, down from 2.9% in 2023. This downturn is prevalent across advanced countries, and a recovery is anticipated only in 2025, as real incomes rebound from the impact of inflation, and central banks begin to reduce borrowing costs.
In a similar vein, the International Monetary Fund's (IMF) report titled 'World Economic Outlook - Navigating Global Divergences, October 23, indicates a baseline forecast of global growth slowing from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024. Advanced economies are expected to experience a slowdown from 2.6% in 2022 to 1.5% in 2023 and 1.4% in 2024 due to tightening policies. Emerging market and developing economies are projected to see a modest decline in growth from 4.1% in 2022 to 4.0% in both 2023 and 2024.
Global inflation is forecasted to decrease steadily, from 8.7% in 2022 to 6.9% in 2023 and 5.8% in 2024, aided by tighter monetary policy and lower international commodity prices.
Core inflation is expected to decrease gradually, with a return to target levels not anticipated until 2025 in most cases.
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Elections 2024: Illusion & Reality
Whenever there is an election, we find the politicians speaking in hyperboles – and possibly, 2024 Lok Sabha has reached a crest.
Government initiatives aim to bolster rubber cultivation and innovation
Rubber tree plantation has seen significant growth in India, thanks to robust government oversight and favorable weather conditions.
Macron speaks on Europe's economic fragility
Many heads of state often speak on topics over which they have little control or vested interest.
Indian industries stand to benefit in raising of tariff on Chinese imports to the US
A delicate balance of power and influence exists between the United States of America and China.
Chabahar Port Agreement: Part of India's strategic and economic vision for Central Asia and Europe
On May 13, India and Iran signed a 10-year contract to operate the Chabahar port in Iran.
It is quite incredible to see things of interest happen with the blessings of the divine trio
Swamiji once said, “The wind of divine grace is always blowing. You just need to spread your sail.
The battle for sustainability: Earth Day's message of 'Planet vs. Plastics
World Earth Day, observed annually on April 22 worldwide, commemorates contemporary environmental advancements and promotes awareness of the imperative to conserve Earth and its resources.
Mother Teresa International Award 2024: Celebrating Humanity and Service
The Mother Teresa International Award, a prestigious honor recognizing individuals dedicated to serving humanity, will host its 2024 ceremony in Dubai, United Arab Emirates.
Can India get out of the middle income trap?
In the mid-1980s, international financial institutions moved away from calling their member countries as poor and rich countries, or as developed and less developed countries.
How is India's falling household savings rate worrisome for its development?
There has been a sharp reduction in the household net financial savings rate in 2022-23, leading to an overall decline in the financial savings rate.
