Economy Archive

Ukraine’s economic outlook stands conditional based on a number of factors: The destruction of energy infrastructure, logistical mishaps, a difficult labor market and high security risks.

The U.K. economy continues to defy gloomy expectations, albeit just barely. A monthly survey of economists conducted by the U.K. Treasury shows the average forecast for GDP growth over 2024 has gone up from 0.4% in January 2024 to 0.9% in July 2024.

Egypt’s economic growth is set to be slower than expected this year after an $8 billion agreement was signed with the IMF in March, according to a Reuters poll of 17 economists. Gross domestic product (GDP) is now forecasted to grow 4%—down from a previous 4.35%.

South Africa, Africa’s largest economy with a GDP over $373 billion, faces significant challenges despite its former promise of stability. Their economy contracted by 0.1% in the first quarter of 2024, dragged lower by manufacturing, mining and construction.

China’s economic recovery this year has been lackluster due to production outperforming consumption. Experts say vigorous exports and favorable government policy toward manufacturing are the main contenders.

Mexico’s economic state remains impacted by several external and domestic uncertainties in addition to a recent volatility surge in the local currency market. Gross domestic product (GDP) is expected to rise 2.2% this year and 1.9% in 2025. The consensus view for next year was downgraded from a forecast of 2.1% in a January poll, according to Reuters.

The Spanish economy remains resilient despite uncertainties about future national and global economic policies. Spain’s GDP growth forecast for 2024 has been raised to 2.5%, driven by strong external demand, a growing labor force and recovery plan funds.

New Zealand’s government outlined a soft economy with rising unemployment and a weaker balance sheet of modest tax relief but lowered new spending—facing much criticism for neglecting the country’s indigenous population.