UN to Launch Updated Outlook for Global Economy 2024

United Nations is set to launch the latest updated outlook for the global economy on Thursday.

According to a statement recently issued by the UN, the mid-year update of the World Economic Situation and Prospects 2024 will provide the latest assessment of the global economic situation. Global economic prospects have improved since the forecast released in January 2024, but the outlook is only cautiously optimistic. Continuing high interest rates, debt difficulties, and geopolitical risks jeopardise stable and sustained economic growth. Ever-worsening climate shocks pose additional challenges to global economic outlook, threatening decades of development gains, especially for least developed countries and small islands developing States.

The report also discusses how the demand for critical minerals has grown rapidly, as the deployment of low-carbon technologies gathers pace. The critical minerals sector presents new opportunities for many developing countries, but effective management of mineral resources remains essential to realise positive outcomes for the Sustainable Development Goals and avoid the negative ones.