Domestic economic recovery continued to be challenged by persisting global uncertainties   |31 December 2024

International developments

The global economy continued to recover in 2024, although at differing levels across countries and regions.  According to the World Economic Outlook (WEO), published by the International Monetary Fund (IMF) in October 2024, the world economy is anticipated to grow by 3.2 per cent in 2024 from 3.3 per cent in 2023.

Global headline inflation continued to subside and is expected to fall to 5.8 per cent in 2024 from 6.7 per cent in 2023.  The declining trend in foreign inflation prompted several central banks to cut their policy rates to boost economic activity.  In the advanced economies, the European Central Bank (ECB), the Bank of England and the Federal Reserve Bank started easing monetary policy as of mid-2024.  To continue reading, please click here to subscribe to Seychelles NATION’s e copy