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UN: GDP is Expected to Grow by 5% This Year and 7.5% in 2024, Mozambique Fastest Growing Economy Among PALOP

UN: GDP is Expected to Grow by 5% This Year and 7.5% in 2024, Mozambique Fastest Growing Economy Among PALOP

The United Nations (UN) forecasts that Mozambique’s Gross Domestic Product (GDP) will grow by 5% this year. This is the highest GDP growth among Portuguese-speaking African Countries (PALOP) this year, according to the main UN economic report, the ‘World Economic Situation and Prospects Report 2023’, released on Wednesday, January 25.

For 2024, the trend continues, with the UN projecting a GDP growth of 7.5% for Mozambique.

On the other hand, the Organization estimates that inflation will be 8.9% in Mozambique in 2023.

In a more general outlook, global inflation should remain high in 2023, at 6.5%, and world production will slow down compared to 2022, settling at 1.9%, the UN announced, urging governments to avoid austerity.

According to the report, a series of severe shocks – such as the covid-19 pandemic, the war in Ukraine and consequent food and energy crises, rising inflation, tightening debt, as well as the climate emergency – worsened in 2022 and will continue to impact the world economy in 2023.

The economic outlook presented by the United Nations is “bleak” for both developed and developing economies, where recessionary prospects dominate for this year.

“Growth momentum has weakened significantly in the United States, the European Union and other developed economies in 2022, negatively impacting the rest of the global economy through various channels. Tightening global financial conditions, coupled with a strong dollar, have exacerbated fiscal and debt vulnerabilities in developing countries,” the text analyzes.

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