UN reports improved prospects for the world economy and forecasts 2.7% growth in 2024

The United Nations is reporting improved economic prospects since its January forecast for the global economy, pointing to a better outlook in the United States and several large emerging economies including Brazil, India and Russia. According to its mid-2024 report, the world economic is now projected to grow by 2.7% this year – up from 2.4% the U.N. forecast in its somber January report – and 2.8% in 2025. "Our prognosis is one of guarded optimism, but with important caveats,” said Shantanu Mukherjee, director of the U.N.’s Economic Analysis and Policy Division. The report pointed to higher interest rates for longer periods, debt repayment challenges, continuing geopolitical tensions, and climate risks.