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

Galle ranks fifth among top 10 honeymoon destinations for 2026

Published

6 days ago

January 20, 2026

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Galle has been placed fifth among the world’s top 10 honeymoon destinations for 2026 in the latest rankings released by Tripadvisor.

The ranking forms part of Tripadvisor’s Travelers’ Choice Awards Best of the Best 2026 and is based solely on the volume and quality of traveller reviews submitted over a 12-month period.

Tripadvisor said the list reflects destinations that consistently received strong feedback from honeymoon travellers worldwide.

Beach and island destinations dominate the upper end of the 2026 rankings. Bali secured the top position, followed by Mauritius and the Maldives, with St. Lucia ranked fourth. Galle placed fifth, ahead of several established long-haul honeymoon favourites.

Tripadvisor noted that Galle’s appeal lies in its blend of heritage and coastal experiences. Founded by the Portuguese in the 16th century, Galle Fort remains a key attraction, with preserved ramparts, historic buildings, and walkable streets.

Economy

Sri Lanka Postal Service achieves record revenue

Published

2 weeks ago

January 12, 2026

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Sri Lanka’s postal service has recorded a remarkable turnaround in 2025, surpassing revenue targets set by the Treasury and signalling a major revival after years of stagnation.

Postmaster General Ruwan Sathkumara said the Department of Posts generated Rs. 13.1 billion last year, exceeding the revenue target assigned for 2025.

He highlighted that the past year also saw wide-ranging reforms, including large-scale recruitments, confirmations of long-serving staff, infrastructure upgrades, and investments in technology and transport to improve efficiency and service delivery.

According to Sathkumara, 378 Sub-Postmasters received permanent appointments in June 2025—the first confirmations for the category since 2020. In September, the appointments of 1,000 Postal Assistants were regularised, marking the first such confirmations since 2022.

The Postmaster General added that recruitment is underway to hire 600 Postal Service Officers through open competition, with appointments expected in February 2026.

Economy

Sri Lanka ranked most affordable place to live or retire in 2026

Published

2 weeks ago

January 11, 2026

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International Living magazine has identified the five most affordable places to live or retire in 2026, which scored the highest in the cost-of-living category of its 2026 Global Retirement Index.

It evaluated retirement destinations across climate, healthcare, visa and lifestyle, along with cost.

Sri Lanka ranked top of the list due to affordable local transportation and easy-to-obtain retirement visas. A couple can live extravagantly on $2,200 (£1,637) a month, or on $1,000 (£744) with some budgeting.

In second place is Vietnam, with the average cost of living in Hanoi sitting at under $1,800 (£1,339) per month. Rent is low and healthcare is affordable.

Thailand was ranked third, because a couple can live comfortably for around $2,000 (£1,488) a month in cities such as Chiang Mai or coastal towns such as Hua Hin. These both have affordable housing, and accessible services and transportation.

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