On May 16 local time, the United Nations Department of Economic and Social Affairs released the mid year update report of the World Economic Situation and Outlook 2024, which was cautiously optimistic about the prospects of world economic growth, and raised the world economic growth forecast for 2024 from 2.4% predicted at the beginning of the year to 2.7%.

The report predicts that the developed economies will grow by 1.6% in 2024, higher than the 1.3% predicted at the beginning of the year; Developing economies will grow by 4.1%, slightly higher than the 4.0% predicted at the beginning of the year; The least developed economies will grow by 4.8 per cent, lower than the 5.0 per cent forecast at the beginning of the year. The world economy will grow by 2.8% in 2025, higher than the 2.7% previously predicted.

The report also predicts that world trade in goods and services will grow by 3.2% in 2024, higher than the 2.4% predicted at the beginning of the year.

The report believes that long-term high interest rates, debt difficulties, geopolitical tensions and the intensification of the climate crisis will pose challenges to world economic growth. The situation facing the least developed countries and small island developing States is particularly serious. In the next few years, the average growth rate of the world economy will be lower than the average level of 3.2% from 2010 to 2019.

(Source: CCTV News)