September 2024 Quarterly Bulletin

BANK OF NAMIBIA RELEASES THE SEPTEMBER 2024 QUARTERLY BULLETIN 

Global economic growth remained stable during the second quarter of 2024, supported by recoveries in the US, UK, Euro Area, and Brazil economies. The preliminary Gross Domestic Product (GDP) data for the second quarter of 2024 revealed a continuation of the gradual recovery in the global economy. The stronger growth in the US was aided by improved consumer expenditure and the slowing inflation, coupled with the pickup in the growth for the UK, Euro area, and Brazil. Meanwhile, global inflation continued to slow but remained above the central banks’ target inflation rates in many countries, inhibiting central banks’ ability to cut interest rates. 


The global economy is projected to record a marginally lower growth rate in 2024, compared to 2023. In its July 2024 World Economic Outlook (WEO) update, the International Monetary Fund (IMF) is projecting the global economy to grow by 3.2 percent in 2024. This is a slight decline from the 3.3 percent growth rate registered in 2023. The slightly weaker economic activity in 2024 is chiefly due to geopolitical challenges and uncertainty around how soon the policy interest rates could start declining. Risks to the outlook include inflationary pressures from a lack of progress in reducing prices for services. Other risks included trade and geopolitical tensions as well as the intensification and regional broadening of the ongoing military conflicts in various parts of the world.