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

Tourist arrivals pass 2.1m for the first time in 2025

Published

1 day ago

December 5, 2025

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A total of 212,906 tourists have arrived in the country in the month of November, data from the Sri Lanka Tourism Development Authority (SLTDA) shows.

According to data released by the SLTDA, a total of 51,391 tourists have arrived from India which accounts to 24.1%. Furthermore, 24,953 persons from Russia, 16,915 from the United Kingdom, 14,518 from Germany and 9,384 Australian nationals have also visited Sri Lanka in the month of November.

Meanwhile, the number of tourists arrived in Sri Lanka in 2025 has increased to 2,103,593 with the release of the latest figures for November.

Among them, 474,796 individuals are from India, 191,742 from the UK, 158,593 from Russia, 131,259 from Germany, 121,671 from China and 101,771 are from France, the SLTDA noted.

Economy

Apple to support relief efforts in flood-hit Sri Lanka

Published

3 days ago

December 3, 2025

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Apple CEO Tim Cook has announced that the company will contribute to relief and rebuilding efforts across several Asian countries—including Sri Lanka—following days of severe flooding, landslides, and powerful winds.

Cook said that recent storms across Thailand, Indonesia, Malaysia, and Sri Lanka have devastated communities, extending the company’s condolences to all those affected.

Economy

Management Committee appointed for ‘Rebuilding Sri Lanka’ Fund

Published

5 days ago

December 1, 2025

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The Cabinet of Ministers has approved the establishment of the ‘Rebuilding Sri Lanka’ Fund, which aims to rebuild the country after the immense damage caused by Cyclone ‘Ditwa’, one of the worst natural disasters in Sri Lanka’s recent history.

The fund is to be established as a statutory fund under the Presidential Secretariat, and its Management Committee will comprise representatives from the government and private sectors.

Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayantha Fernando, will serve as its Chairman, while Senior Additional Secretary to the President, G.M.R.D. Aponso will serve as the Convener of the Committee.

Other committee members include:

• President’s Special Envoy for Foreign Investment, Western Province Governor Hanif Yusoof
• Secretary to the Ministry of Finance, Dr. Harshana Suriyapperuma
• Senior Economic Advisor to the President, Duminda Hulangamuwa
• Director General of the Ministry of Foreign Affairs Sugeeshwara Gunawardena
• Chairman of the Hayles Group, Mohan Pandithage
• Chairman of John Keells Holdings (JKH), Krishan Balendra
• Deputy Chairman and Managing Director of Aitken Spence PLC, Dr. Parakrama Dissanayake
• Brandix Group CEO Ashroff Omar
• LOLC Executive Chairman Ishara Nanayakkara