Asia’s Global Growth in 2024

Calculating global growth rate has been prime agenda of International Monetary Fund. As a sign of positivity, recently an IMF official said “Asia to contribute 60 pc of global growth in 2024”.

We know that it has been very difficult for countries to maintain stability post Corona Epidemic. Growth looked like going on moon at that time. Countries were hardly surviving this bane. More so, post that, the Russia-Ukraine war remained a matter of concern for the whole world. Then Gaza strike was a big issue too.

There were so many negative perceptions owing to these adverse world situations that the whole world may fall into recession soon. However even in such times, getting to know Asia is actually growing is such a sweet news to ears. We have crossed the obstacles and faced challenges by converting them into opportunities.

An IAF official in his opening remarks at the Thirteenth IMF-Japan High-Level Tax Conference for Asian Countries said-

“And it (Asia) is ahead of the curve on taming inflation. Most countries in Asia are expected to reach central bank targets in 2024.”

Furthermore, there is another prime note for India. As per latest World Economic Outlook of IMF, India’s growth projections for 2024 is raised from 6.5% to 6.8%. For 2025, the projection rate is at 6.5% as of now.

Basically following two factors that acted behind growing projection rate:

  • Strong domestic demand. Festivals play an active role in India to maintain the level of demand. People do buy a lot of garments and household stuff in wedding season. This is also one of the reason contributing to high demand.
  • Availability of working force. India has good amount of working population, so it enjoys demographic dividend. It will ensure to supply global work force. Africa would also come out to be great source of workforce.

Considering the above statistics, predictions do not seem gloomy for India. So, there are high chances that worldwide governments may ease down the stipulations for Visa for Indian citizens.

Bhavya Taneja
Bhavya Taneja
Bhavya Taneja is a Practicing Company Secretary, speaker on various academic and non-academic topics and a writer. She has an experience of 8 years as a professional and 5 years as a faculty of Economics. She has authored a book of quotes called 'Crisp Talkings' and is actively involved in social welfare activities as well.

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