The Economic Report on Africa (ERA) 2024 presents the case for investing in a just and sustainable transition (JST) while achieving energy access for all.

The report forecasts global economic growth to 2.6% in 2024, barely above the 2.5% threshold commonly associated with a recessionary phase. The report says the prevailing focus on inflation overshadows urgent issues like trade disruptions, climate change and rising inequalities.

India's unemployment rate is likely to decline by as much as 97 basis points by 2028 as the country's economy hits the USD 5 trillion mark, fuelling a rise in employment, a new report said.

Developing economies in Asia and the Pacific are forecast to expand by 4.9% on average this year as the region continues its resilient growth amid robust domestic demand, improving semiconductor exports, and recovering tourism.

This new UN report says financing challenges are at the heart of the world’s sustainable development crisis – as staggering debt burdens and sky-high borrowing costs prevent developing countries from responding to the confluence of crises they face.

Economic growth is expected to rebound in Sub-Saharan Africa, supported by increased private consumption and declining inflation in 2024.

The Survey, published annually since 1947, is a flagship publication produced by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). It provides analyses to guide policy discussion on the current and emerging socio-economic issues and policy challenges to support sustainable development in Asia and the Pacific.

The report, based on the results from the 2023 UN Global Survey on Digital and Sustainable Trade Facilitation underscores the unwavering commitment of countries in the region to cultivate a seamless and efficient trading environment, despite these challenges.

India remains poised to take advantage of its demographic dividend with strong improvements in education levels, which are a key determinant of accessing better quality jobs. At the same time, youth’s aspirations are evolving, which needs to be matched with the type of employment available in the labour market.

For 2024 to be an exemplary year for the African continent, continental leaders in government and business alike must individually and collectively address and navigate a complex set of domestic, regional and international risks and challenges.