Africa and Global Economic Trends September 2024

Most of the advanced economies grew in the second quarter of 2024, except Japan where contractions started in the first quarter. The US witnessed the highest growth rate among the selected economies, recording a growth rate of 3.0 percent in the second quarter of 2024 (see Table 1). Compared to the corresponding quarter of 2023, relatively higher growth rates were recorded in
the US, the UK, Italy and the Eurozone.
In emerging economies, higher growth rates were recorded compared to advanced economies. However, in the second quarter of 2024, all the economies considered, including China, India, Brazil and Russia recorded lower growth rates relative to the levels in the corresponding period of 2023. The recorded growth rates were also lower compared to the levels in the preceding
quarter, except in Brazil where a higher growth rate was recorded. India maintained the highest growth rate among the emergingeconomies in the review period.