UN body revises world GDP forecast upwards

<p><em>(Photo from Anadolu) </em></p>

(Photo from Anadolu) 

ISTANBUL – The United Nations Conference on Trade and Development (UNCTAD) has revised its world GDP (gross domestic product) forecast upwards from 2.5 percent to 2.7 percent for 2023 and from 2.5 percent to 2.6 percent for 2024.

"The risks that threatened to substantially slow down global economic growth in 2023 did not fully materialize," said a Tuesday press release.

Some economies -- including major ones such as China, India, Indonesia, Russia, and the US -- escaped the financial trouble that loomed earlier in the year, UNCTAD said.

It increased its forecast for the US from 1.9 percent to 2 percent for 2024; from 1.2 percent to 1.5 percent for the eurozone; from 0.4 percent to 0.5 percent for the UK; from 1.9 percent to 2.6 percent for Russia; and from 4.8 percent to 4.9 percent for China.

On the other hand, it cuts the forecast for some countries, including Germany (1.1% to 0.9%), Canada (1% to 0.8%), and Australia (1.5% to 1.4%).

It increased its expectations for the Turkish economy for 2024 from 1.9 percent to 3.6 percent. (Anadolu)