Global Economic Growth Set to Reach 3.2% in 2024 Despite Challenges: Positive Outlook for India and United States

The International Monetary Fund (IMF) has released its World Economic Outlook for 2024, projecting a world economic growth of 3.2%. Despite the IMF’s long-term forecast for economic growth being the lowest it has been in decades, there are promising growth prospects for India and the United States.

The global economy is expected to grow at a rate of 3.2% in 2024, with a slight increase from the IMF’s previous forecast in January. While China’s economic growth is projected to decline this year, much of Europe is expected to experience a gradual economic recovery compared to the United States.

The IMF has also noted that the chance of a global recession, defined as global growth falling below 2%, is only 10%. However, concerns about weak productivity growth and geopolitical fragmentation have impacted the five-year growth forecast of 3.1%, which is lower than it has been in decades.

Despite these challenges, positive short-term outlooks remain for both India and the United States. India’s growth prospects have been upgraded to 6.8%, while the United States is experiencing a strong rebound in economic growth with a projected rate of 2.7% for this year. This upward revision from previous projections indicates a positive outlook for both countries’ economies.