WEF – The Future of Growth, 2024

The report by the World Economic Forum's report on The Future of Growth, 2024 highlights the slower global growth experienced in the past decade compared to previous ones and the loss of momentum in the post-pandemic recovery. The report presents a multidimensional framework for evaluating the quality of growth and its alignment with global and national priorities. The framework consists of four pillars: Innovativeness, Inclusiveness, Sustainability, and Resilience. The report reveals that global GDP has surpassed its pre-pandemic level, but growth rates in 2023 remain below 4% across all income groups. It emphasizes the need for a deeper understanding of the nature and quality of growth, rather than solely focusing on GDP growth. The Innovativeness pillar has the lowest global score, indicating that digitalization rates are diverging and leading to economic divides. The Inclusiveness pillar highlights rising inequality of income and opportunity, emphasizing the importance of widespread access to basic services and social protection. The Sustainability pillar emphasizes the need for institutional commitments to translate into systemic integration of emissions reduction into growth models. The Resilience pillar highlights the need for proactive investment in preparation for demographic change. The report also presents different growth pathway archetypes for high-income economies, upper-middle-income economies, lower-middle-income economies, and low-income economies, identifying distinct patterns and areas for improvement. The data and analysis in the report aim to support policymakers in assessing their country's economic growth and identifying areas for improvement, trade-offs, and synergies. The World Economic Forum's Future of Growth Initiative aims to inspire dialogue and action among stakeholders to create new pathways for economic growth that balance innovation, inclusion, sustainability, and resilience.