NEW DELHI: The latest UN Conference on Trade and Development (UNCTAD) report released on Tuesday forecasts global economic growth at 2.6 per cent in 2024 barely above the 2.5 per cent threshold commonly associated with a recessionary phase.

However, amid the gloomy global scenario, it states that India’s economy is buoyed by strong public investment and service sector growth, with a forecast expansion of 6.5 per cent in 2024. The report states that in Europe, countries like Germany and Italy are struggling with weak economic activity and facing industrial slowdowns and fiscal constraints, impacting their growth projections. As far as the Americas are concerned, growth is expected to slow, with Argentina facing severe inflation, and Brazil’s economic momentum dampened by external pressures and reliance on commodities. North America remains relatively resilient, though challenges continue.

Africa is projected to grow at 3.0 per cent in 2024, up slightly from 2.9 per cent in 2023. Armed conflicts and climate impacts pose significant challenges in several countries.