Economy

Global economic growth set to slow to 2.6% in 2024: UNCTAD

Published

2 years ago

April 25, 2024

The latest forecast from the UN Conference on Trade and Development (UNCTAD) suggests a global economic growth rate of 2.6% for 2024, just above the 2.5% threshold often associated with a recession. This marks the third consecutive year of growth below the pre-pandemic average of 3.2% from 2015 to 2019.

However, the report warns that the intense focus on inflation is overshadowing critical issues such as trade disruptions, climate change, and widening inequalities. To address these challenges, UNCTAD calls for structural reforms and coordinated global efforts. Their proposed comprehensive strategy includes both supply-side policies to enhance investment and demand-side measures to improve employment and income.

The uneven post-pandemic recovery is evident across different regions:

Africa: Projected to grow at 3% in 2024, slightly up from 2.9% in 2023, but facing significant challenges from armed conflicts and climate impacts. Key economies like Nigeria, Egypt, and South Africa are underperforming, affecting overall prospects.
South America: Economic growth is decelerating, with Brazil expected to grow at 2.1%, hindered by external pressures and dependence on commodities. Argentina faces a 3.7% contraction due to inflation and complex debt negotiations.
North America: Growth remains relatively robust, though challenges persist. The United States is expected to grow at 2%, with concerns over high household debt levels.
Asia: China targets approximately 5% growth in 2024, leveraging strong manufacturing and trade. India’s economy is bolstered by robust public investment and service sector growth, with a forecasted expansion of 6.5% in 2024. Japan is expected to grow at 1.0% amid challenges in export demand.
Europe: Major economies experience economic slowdowns, with France, Germany, and Italy projecting growth rates of 1.3%, 0.9%, and 0.8%, respectively, due to industrial and fiscal challenges.
Oceania: Economic growth in the region, particularly in Australia (projected at 1.4% growth in 2024), is expected to remain subdued, extending into 2024.

These projections underscore the need for concerted efforts to address both immediate economic concerns and broader systemic issues to foster sustainable growth and development worldwide.

Economy

CPC Seeks Investors As Natural Gas Confirmed in Mannar Basin

Published

3 days ago

August 13, 2026

admin

The Ceylon Petroleum Corporation says the process of calling for proposals to select an appropriate investor to extract and utilize the natural gas resources in the Mannar Basin will begin this month.

Managing Director of CPC, Dr. Mayura Neththikumara, said the presence of natural gas in the Mannar Basin has been scientifically confirmed by the Sri Lanka Petroleum Development Authority.

The relevant process will be carried out with the approval of the Procurement Committee, and investors will be given approximately five months to submit their applications.

Economy

Battery storage systems to join national grid in September

Published

5 days ago

August 11, 2026

admin

Commercial-scale battery energy storage systems being installed at 16 electricity transmission substations across Sri Lanka are expected to be connected to the national grid in early September.

The systems, which were brought into Sri Lanka through the Colombo Port in three stages during May and June, are currently in the final stages of construction.

The project being implemented by WindForce PLC near the Anuradhapura substation is now around 85% complete.

The battery systems will store excess electricity generated by solar power plants during the daytime and release the stored electricity to the national grid at night when required.

Officials said the system would help maintain the stability of the national grid while reducing the need to generate electricity from diesel power plants during nighttime hours.

Each battery energy storage project will have a capacity of 10 MW. The National System Operator Ltd. (NSO), operating under the Ministry of Energy, will be responsible for managing and controlling the systems, while their maintenance will be handled by the respective companies.

Economy

Delft Island to become Sri Lanka’s first zero emission eco‑tourism destination

Published

6 days ago

August 10, 2026

admin

The Government of Sri Lanka has unveiled plans to transform Delft Island into the country’s first Zero Emission eco‑tourism destination, with a strong emphasis on sustainability, environmental conservation, and the preservation of its unique natural and cultural heritage.

A special site inspection and stakeholder discussion on the proposed development was held under the leadership of Deputy Minister of Tourism Ruwan Ranasinghe recently.

The island, renowned for its Dutch‑era ruins, numerous archaeological landmarks, and iconic wild horses, is seen as possessing exceptional tourism potential.

Deputy Minister Ranasinghe told participants that Delft Island should be experienced not only by international visitors but also by domestic tourists. Despite its extraordinary attractions, he noted, the island has so far made only a limited contribution to Sri Lanka’s tourism industry.

He emphasized the Government’s commitment to unlocking Delft’s full potential through sustainable and environmentally responsible development.

Discussions focused on identifying priority infrastructure to position Delft Island as a premier tourism destination, with key areas including water supply, road infrastructure, transportation and accessibility. Strengthening community participation was also highlighted, with plans to enhance the knowledge and hospitality skills of local residents to enable them to benefit directly from tourism development.