Global economic growth gloom due to breakable bottlenecks

The United Nations recently released a report lowering its forecast for world economic growth for this year to 2.4 percent from 2.7 percent in 2023, citing high interest rates, escalating geopolitical conflicts, sluggish international trade as well as tightened credit and rising borrowing costs.

Earlier, international institutions including the International Monetary Fund and the World Bank warned of a global economic slowdown in 2024. The Organisation for Economic Co-operation and Development also predicted at the end of 2023 global economic growth will slow from 2.9 percent in 2023 to 2.7 percent in 2024.

Analysts point out that under the impact of monetary policies in developed economies and continued inflationary pressures, the tightening of the global financial environment, the weakening of trade growth, and the decline of business and consumer confidence have become increasingly obvious. This, coupled with the abuse of trade protectionism by the United States and its stoking of geopolitical conflicts, has caused huge shocks and damage to the world economy.