Africa’s growth rate is projected to slightly increase from 3.3 per cent in 2023 to 3.5 in 2024, while global growth is expected to slow down.

Global growth is expected to slow down from 2.7 per cent in 2023 to 2.4 per cent in 2024.

The UN’s World Economic Situation and Prospects (WESP) report for 2024 launched in New York on Thursday also projected growth by five per cent for the Least Developed Countries (LDCs), although this falls short of the seven per cent growth target under the Sustainable Development Goals (SDG).

On climate change, it stated that 2023 saw extreme weather condition worsen, including the hottest summer on record since 1880 leading to devastating wildfires, floods, and droughts worldwide.

Other models indicate that without mitigation of global warming, average global incomes could be 23 per cent lower by 2100.