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  3. Theme: Global Macroeconomic Prospects
  4. Year: 2024

Publications

Displaying 1 - 8 of 8
Cover: World Economic Situation and Prospects: November 2024 Briefing, No. 186

World Economic Situation and Prospects: November 2024 Briefing, No. 186

Economic prospects and development challenges in landlocked developing countries Multiple, overlapping crises in recent years have greatly undermined economic and development prospects in landlocked developing countries (LLDCs) (figure 1). Although growth of LLDCs has largely stabilized, the economies are still suffering from the scarring effects of the pandemic. Their structural challenges – ranging from geographic remoteness and reliance on commodities to lack of social safety nets and vulnerability to climate disasters – have exacerbated LLDCs’ fragility. The Third UN Conference on Landlocked Developing Countries (LLDCs), which will take place in Gaborone, Botswana on 10–13 December 2024…
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Cover: World Economic Situation and Prospects: October 2024 Briefing, No. 185

World Economic Situation and Prospects: October 2024 Briefing, No. 185

Introduction The automotive industry plays a crucial role in the global economy, accounting for around 3 per cent of the world’s GDP. It has been a key driver of innovation, value creation, economic growth, and employment, particularly in developed economies like Germany, Japan, the Republic of Korea, and the United States. In recent years, the sector has faced intense scrutiny due to its contribution to climate change through greenhouse gas (GHG) emissions from transportation, which accounts for approximately 16 per cent of global emissions. Partly in response, electric vehicles (EVs) have become increasingly important although their potential to contribute to emissions reduction could…
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Cover: World Economic Situation and Prospects: September 2024 Briefing, No. 184

World Economic Situation and Prospects: September 2024 Briefing, No. 184

Introduction: the return of conventional monetary policy After seeing near-zero interest rates in major economies in the aftermath of COVID-19, the world economy has experienced rapid monetary tightening since early-2022 (UNDESA, 2024a). Persistent inflationary pressures during the second half of 2021 due to stronger-than-expected recovery in demand, and supply shortages (figure 1) brought along the most aggressive monetary tightening in decades. Major central banks rapidly increased short term policy rates and began to reduce money supply and liquidity (figure 2). This rapid monetary tightening in developed economies was echoed in developing economies as well. As a result of this policy,…
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World Economic Situation and Prospects: August 2024 Briefing, No. 183 Cover

World Economic Situation and Prospects: August 2024 Briefing, No. 183


Two decades of Eastern Europe’s membership in the EU On 1 May 2004, eight countries from Eastern Europe – the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia – the group often referred to as EU-8, along with Cyprus and Malta, became full-fledged members of the European Union (EU). This event is often called the “Big Bang” enlargement of the EU, with the set of pre-existing members being referred to as the EU-15. To be admitted to the EU, these eight Eastern European countries introduced widespread structural changes, aligned their domestic institutions with the EU’s common market rules and regulations, adopted EU’s acquis communautaire and reoriented…
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World Economic Situation and Prospects: July 2024 Briefing, No. 182 Cover

World Economic Situation and Prospects: July 2024 Briefing, No. 182

Prices on a warming planet: The Inflationary effects of Climate Change Climate change is no longer a distant threat. Its adverse impacts on both human societies and natural ecosystems are already unfolding across the world. The year 2023 was the warmest year on record by a clear margin, and records were broken for ocean heat, sea level rise and glacier retreat. The multifaceted nature of these impacts is evident through droughts, forest fires, excessive precipitation, floods, heatwaves, hurricanes, intense frost periods, and weather that defies seasonal patterns (figure 1a). Global surface temperature has increased faster in recent decades, reaching 1.1 °C above 1961-1990 average in 2023 (…
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World Economic Situation and Prospects: June 2024 Briefing, No. 181

Enhanced global economic outlook amid persistent vulnerabilities Global macroeconomic outlook The global economic outlook has improved since the previous forecast released in January 2024. Despite the most aggressive monetary tightening in decades, a hard landing scenario of the United States economy has largely receded. Most major economies have managed to bring down inflation without increasing unemployment and triggering a recession. However, the outlook is only cautiously optimistic as higher-for-longer interest rates, debt difficulties, and escalating geopolitical risks will continue to challenge stable and sustained economic growth. Ever-worsening climate shocks continue to pose…
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World Economic Situation and Prospects as of mid-2024

Near-term global economic outlook cautiously optimistic as vulnerabilities remain Full Report: English Key Messages: English Press Release: English GDP growth and inflation data: PDF, XLS GDP Growth Table: English SIDS Economic Outlook: English The global economic outlook has improved since January, with major economies avoiding a severe downturn. The world economy is now projected to grow by 2.7 per cent in 2024, instead of 2.4 per cent forecasted earlier, on the back of better-than-expected performance of the United States economy and some improvement in the outlook for several large emerging economies. The modest gain in the growth momentum is partly offset by the downward revisions of…
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Cover: World Economic Situation and Prospects: April 2024 Briefing, No. 180

World Economic Situation and Prospects: April 2024 Briefing, No. 180

Debt Sustainability Challenges in Africa: The Role of Domestic Debt In 2024, more low-income countries are facing debt distress or are at risk of debt distress than ever before. According to the latest IMF low-income countries debt sustainability analysis, 10 countries are in debt distress, while 52 countries are at moderate or high risk of debt distress. Out of these 62 countries, 40 are in Africa. African countries have suffered gravely from global shocks such as the COVID-19 pandemic, the war in Ukraine and spillover effects of high interest rates in many developed countries, which have increased debt levels across the continent. Debt levels are particularly high in the continent’s…
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