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The UN Economic Advisory Council forecasts global growth of 2.4 percent in 2024 compared to 2.7 percent in the previous year. “The prospect of a prolonged period of tighter credit conditions and higher borrowing costs represents a strong headwind for an indebted global economy,” the panel said on Thursday.
At the same time, more investment is needed to revive growth, combat climate change and accelerate progress towards the Sustainable Development Goals. Geopolitical tensions also threatened economic development. Before the pandemic, the global growth rate was around 3.0 percent, slightly higher than it is currently. Even if inflation is expected to fall from an estimated 5.7 percent in 2023 to 3.9 in 2024, price pressure is still high.
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