Abstract: The World Bank forecast that global economic growth is expected to stabilize in 2024, but the global growth rate will continue to remain below the pre-pandemic decade’s average of 3.1%. Weak growth could result in serious consequences such as fewer new jobs and an increase in the number of people living in poverty. Complex economic and geopolitical factors continue to exert significant pressure on the global economy. To revive growth, countries must first revitalize economic reforms. Specifically, they should relax policy restrictions on market access and competition in the services sector while establishing regulatory frameworks. Secondly, there should be an increase in human capital investment, particularly in education, healthcare, and strengthening social safety nets. Thirdly, efforts should be made to curb geo-economic fragmentation. Countries should avoid falling into a vicious cycle of escalating trade restrictions and promote further integration wherever possible. Lastly, countries should work together to tackle climate change.
