Page 5 - THE 2024-25 MID-YEAR BUDGET REVIEW STATEMENT

Outlook report, global growth is projected to hold steady at

3.2 percent in 2024 and 2025, even though a few countries,

especially the low-income, have seen sizable downside

growth revisions, mainly as a result of increased extreme

weather events and conflicts.

7. Inflationary pressure remains persistent in some countries.

Although bumps on the path to price stability are still possible,

global headline inflation is projected to decrease further,

from an average of 6.7 percent in 2023 to 5.8 percent in 2024

and 4.3 percent in 2025. While the global decline in inflation

is a major milestone, the economic outlook is increasingly

overshadowed by rising downside risks. Key concerns include

the potential escalation of regional conflicts, the prolonged

tightening of monetary policy, and a possible resurgence of

financial market volatility with adverse effects on sovereign

debt markets as highlighted in the IMF’s October 2024 Global

Financial Stability Report.

8. Madam Speaker, moving closer home, the Sub-Saharan

regional growth is projected at 3.6 percent in 2024, and is

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