United Nations – World Economic Situation and Prospects, 2024

The global economic outlook has improved slightly, with the world economy now expected to grow by 2.7 per cent in 2024. The United States and some large emerging economies have performed better than expected, but growth projections have been revised downward for the European Union, Africa, and Western Asia. Economic vulnerabilities persist due to high interest rates, geopolitical tensions, and climate risks. The UN emphasizes the need for continued support for Small Island Developing States (SIDS) despite positive outlooks, highlighting their unique vulnerabilities. The transition to net zero emissions presents challenges, but also opportunities for economic growth and achieving sustainable development goals, particularly in mineral-rich developing economies. Sound national policies and international cooperation will be crucial to avoid a "resource curse" and harness the potential of critical mineral resources.