WESP projects that global GDP growth will decrease from 2.7% to 2.4% in 2024

In 2025, global growth would slightly increase to 2.7%, but it would still be less than the 3% pre-pandemic trend growth rate.The World Economic Situation and Prospects (WESP) 2024 report projects that the growth of the global Gross Domestic Product (GDP) will decrease from 2.7% in 2023 to 2.4% in that same year.The analysis, which was released in Addis Ababa, Ethiopia by the Economic Commission for Africa (ECA), predicted that although global growth would pick up somewhat to 2.7% in 2025, it would still be less than the 3% pre-pandemic trend growth rate.In a statement released on Friday by the ECA Communications Section, Adam Elhiraika, Director of the Macroeconomics and Governance Division, stated that the research highlighted increased threats to global financial stability due to tight financial conditions and the possibility of geopolitical fragmentation.