Executive summary

The global economic outlook for 2024 is moderately optimistic given the recovery of high-income and developed countries from the COVID-19 shock and the repercussions of the war in Ukraine. Commodity price inflation seems to be contained both in the United States of America and other developed countries. In contrast, developing economies, including Arab countries, are struggling with high interest rates, capital flight to developed countries and high borrowing costs. Many developing countries are also suffering from a surge in labour market informality, a growing gender gap, and uncertainty around natural resources and global food prices. Global tourism is expected to recover to its pre-pandemic levels in 2023. The global consumption of oil recovered to the December 2019 pre-COVID-19 level in June 2023.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure