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Mapped: GDP Growth Forecasts by Country in 2024

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This map shows global GDP growth forecasts in 2024.

GDP Growth Forecasts in 2024

This was originally posted on Advisor Channel. Sign up to the free mailing list to get beautiful visualizations on financial markets that help advisors and their clients.

Resilient GDP growth and falling inflation are spurring a brighter outlook for 2024, although cautions remain across global economies.

While investors are hopeful that U.S. rate cuts could happen as early as May, the Fed has signaled that it won’t “declare victory” too soon. As countries around the world maneuver a complex landscape, they are faced with a scope of risks that include inflationary spikes, rising debt loads, and dwindling consumer savings.

This graphic shows global GDP growth projections in 2024, based on the International Monetary Fund (IMF) October 2023 Outlook and January 2024 update.

Global GDP Growth Outlook 2024

In 2024, real GDP growth is forecast to increase 3.1%, a slight rise from October’s outlook.

While positive growth is projected across all regions, it varies widely due to many factors spanning from the effects of higher borrowing costs to low consumer sentiment. Here are forecasts across 191 countries worldwide:

Country2024 Real GDP % Change (Projected)2023 Real GDP % Change (Estimate)
🇦🇱 Albania3.3%3.6%
🇩🇿 Algeria3.1%3.8%
🇦🇩 Andorra1.5%2.1%
🇦🇴 Angola3.3%1.3%
🇦🇬 Antigua and Barbuda5.4%5.6%
🇦🇷 Argentina2.8%-2.5%
🇦🇲 Armenia5.0%7.0%
🇦🇼 Aruba1.2%2.3%
🇦🇺 Australia1.2%1.8%
🇦🇹 Austria0.8%0.1%
🇦🇿 Azerbaijan2.5%2.5%
🇧🇸 The Bahamas1.8%2.7%
🇧🇭 Bahrain3.6%6.0%
🇧🇩 Bangladesh6.0%4.5%
🇧🇧 Barbados3.9%1.6%
🇧🇾 Belarus1.3%1.0%
🇧🇪 Belgium0.9%4.0%
🇧🇿 Belize3.0%5.5%
🇧🇯 Benin6.3%5.3%
🇧🇹 Bhutan3.0%1.8%
🇧🇴 Bolivia1.8%2.0%
🇧🇦 Bosnia and Herzegovina3.0%3.8%
🇧🇼 Botswana4.1%3.1%
🇧🇷 Brazil*1.7%-0.8%
🇧🇳 Brunei Darussalam3.5%1.7%
🇧🇬 Bulgaria3.2%4.4%
🇧🇫 Burkina Faso6.4%3.3%
🇧🇮 Burundi6.0%4.4%
🇨🇻 Cabo Verde4.5%5.6%
🇰🇭 Cambodia6.1%4.0%
🇨🇲 Cameroon4.2%1.3%
🇨🇦 Canada*1.4%1.0%
🇨🇫 Central African Republic2.5%4.0%
🇹🇩 Chad3.7%-0.5%
🇨🇱 Chile1.6%5.0%
🇨🇳 China*4.6%1.4%
🇨🇴 Colombia2.0%3.0%
🇰🇲 Comoros3.5%4.4%
🇨🇩 Democratic Republic of the Congo4.7%2.7%
🇨🇬 Republic of Congo4.4%6.2%
🇨🇷 Costa Rica3.2%2.2%
🇨🇮 Côte d'Ivoire6.6%0.2%
🇭🇷 Croatia2.6%6.7%
🇨🇾 Cyprus2.7%1.7%
🇨🇿 Czech Republic2.3%5.0%
🇩🇰 Denmark1.4%4.6%
🇩🇯 Djibouti6.0%3.0%
🇩🇲 Dominica4.6%1.4%
🇩🇴 Dominican Republic5.2%4.2%
🇪🇨 Ecuador1.8%2.2%
🇪🇬 Egypt3.6%-6.2%
🇸🇻 El Salvador1.9%-2.3%
🇬🇶 Equatorial Guinea-5.5%3.1%
🇪🇪 Estonia2.4%6.1%
🇸🇿 Eswatini3.3%7.5%
🇪🇹 Ethiopia6.2%-0.1%
🇫🇯 Fiji3.9%1.0%
🇫🇮 Finland1.0%2.8%
🇫🇷 France*1.0%6.2%
🇬🇦 Gabon2.6%-0.5%
🇬🇲 The Gambia6.2%1.2%
🇬🇪 Georgia4.8%2.5%
🇩🇪 Germany*0.5%3.9%
🇬🇭 Ghana2.7%3.4%
🇬🇷 Greece2.0%5.9%
🇬🇩 Grenada3.8%4.5%
🇬🇹 Guatemala3.5%38.4%
🇬🇳 Guinea5.6%-1.5%
🇬🇼 Guinea-Bissau5.0%2.9%
🇬🇾 Guyana26.6%4.4%
🇭🇹 Haiti1.4%-0.3%
🇭🇳 Honduras3.2%3.3%
🇭🇰 Hong Kong SAR2.9%6.3%
🇭🇺 Hungary3.1%5.0%
🇮🇸 Iceland1.7%-2.7%
🇮🇳 India*6.5%2.0%
🇮🇩 Indonesia5.0%3.0%
🇮🇷 Iran2.5%3.1%
🇮🇶 Iraq2.9%0.7%
🇮🇪 Ireland3.3%2.0%
🇮🇱 Israel3.0%2.0%
🇮🇹 Italy*0.7%2.6%
🇯🇲 Jamaica1.8%4.6%
🇯🇵 Japan*0.9%5.0%
🇯🇴 Jordan2.7%2.6%
🇰🇿 Kazakhstan4.2%1.4%
🇰🇪 Kenya5.3%3.8%
🇰🇮 Kiribati2.4%-0.6%
🇰🇷 Korea2.2%3.4%
🇽🇰 Kosovo4.0%4.0%
🇰🇼 Kuwait3.6%0.5%
🇰🇬 Kyrgyz Republic4.3%2.1%
🇱🇦 Lao P.D.R.4.0%4.6%
🇱🇻 Latvia2.6%12.5%
🇱🇸 Lesotho2.3%-0.2%
🇱🇷 Liberia5.3%-0.4%
🇱🇾 Libya7.5%74.4%
🇱🇹 Lithuania2.7%4.0%
🇱🇺 Luxembourg1.5%1.7%
🇲🇴 Macao SAR27.2%4.0%
🇲🇬 Madagascar4.8%8.1%
🇲🇼 Malawi3.3%4.5%
🇲🇾 Malaysia4.3%3.8%
🇲🇻 Maldives5.0%3.0%
🇲🇱 Mali4.8%4.5%
🇲🇹 Malta3.3%5.1%
🇲🇭 Marshall Islands3.0%3.2%
🇲🇷 Mauritania5.3%2.6%
🇲🇺 Mauritius3.8%2.0%
🇲🇽 Mexico*2.7%5.5%
🇫🇲 Micronesia3.1%4.5%
🇲🇩 Moldova4.3%2.4%
🇲🇳 Mongolia4.5%7.0%
🇲🇪 Montenegro3.7%2.6%
🇲🇦 Morocco3.6%2.8%
🇲🇿 Mozambique5.0%0.5%
🇲🇲 Myanmar2.6%0.8%
🇳🇦 Namibia2.7%0.6%
🇳🇷 Nauru1.3%1.1%
🇳🇵 Nepal5.0%3.0%
🇳🇱 Netherlands1.2%4.1%
🇳🇿 New Zealand1.0%2.9%
🇳🇮 Nicaragua3.3%2.5%
🇳🇪 Niger11.1%2.3%
🇳🇬 Nigeria*3.0%1.2%
🇲🇰 North Macedonia3.2%-0.5%
🇳🇴 Norway1.5%0.8%
🇴🇲 Oman2.7%6.0%
🇵🇰 Pakistan2.5%3.0%
🇵🇼 Palau12.4%4.5%
🇵🇦 Panama4.0%1.1%
🇵🇬 Papua New Guinea5.0%5.3%
🇵🇾 Paraguay3.8%0.6%
🇵🇪 Peru2.7%2.3%
🇵🇭 Philippines5.9%-0.7%
🇵🇱 Poland2.3%2.4%
🇵🇹 Portugal1.5%4.0%
🇵🇷 Puerto Rico-0.2%2.2%
🇶🇦 Qatar2.2%2.2%
🇷🇴 Romania3.8%6.2%
🇷🇺 Russia*2.6%0.5%
🇷🇼 Rwanda7.0%8.0%
🇼🇸 Samoa3.6%2.2%
🇸🇲 San Marino1.3%0.8%
🇸🇹 São Tomé and Príncipe2.4%4.1%
🇸🇦 Saudi Arabia*2.7%2.0%
🇸🇳 Senegal8.8%4.2%
🇷🇸 Serbia3.0%2.7%
🇸🇨 Seychelles3.9%1.0%
🇸🇱 Sierra Leone4.7%1.3%
🇸🇬 Singapore2.1%2.0%
🇸🇰 Slovak Republic2.5%2.5%
🇸🇮 Slovenia2.2%2.8%
🇸🇧 Solomon Islands2.4%0.9%
🇸🇴 Somalia3.7%3.5%
🇿🇦 South Africa*1.0%2.5%
🇸🇸 South Sudan4.2%4.9%
🇪🇸 Spain*1.5%3.2%
🇰🇳 St. Kitts and Nevis3.8%6.2%
🇱🇨 St. Lucia2.3%-18.3%
🇻🇨 St. Vincent and the Grenadines5.0%2.1%
🇸🇩 Sudan0.3%-0.7%
🇸🇷 Suriname3.0%0.9%
🇸🇪 Sweden0.6%4.0%
🇨🇭 Switzerland1.8%0.8%
🇹🇼 Taiwan3.0%6.5%
🇹🇯 Tajikistan5.0%5.2%
🇹🇿 Tanzania6.1%2.7%
🇹🇭 Thailand3.2%4.3%
🇹🇱 Timor-Leste3.1%5.6%
🇹🇬 Togo5.3%1.5%
🇹🇴 Tonga2.5%5.4%
🇹🇹 Trinidad and Tobago2.2%2.6%
🇹🇳 Tunisia1.9%2.5%
🇹🇷 Türkiye3.0%1.3%
🇹🇲 Turkmenistan2.1%2.5%
🇹🇻 Tuvalu3.5%3.9%
🇺🇬 Uganda5.7%4.6%
🇺🇦 Ukraine3.2%2.0%
🇦🇪 United Arab Emirates4.0%3.4%
🇬🇧 United Kingdom*0.6%0.5%
🇺🇸 U.S.*2.1%2.1%
🇺🇾 Uruguay3.3%1.0%
🇺🇿 Uzbekistan5.5%5.5%
🇻🇺 Vanuatu2.6%1.5%
🇻🇪 Venezuela4.5%4.0%
🇻🇳 Vietnam5.8%4.7%
🇵🇸 West Bank and Gaza2.7%3.0%
🇾🇪 Yemen2.0%-0.5%
🇿🇲 Zambia4.3%3.6%
🇿🇼 Zimbabwe3.6%4.1%

*Reflect updated figures from the January 2024 IMF Update

In the United States, GDP growth is projected to remain moderately strong, supported by rising real wages boosting consumption across the economy.

Yet compared to last year, growth is set to slow amid a softening labor market. In 2024, Citigroup announced it was laying off 20,000 employees after a disappointing year. Meanwhile, tech firms such as Google, Amazon, and Salesforce are reducing headcounts. Along with this, package delivery giant UPS announced 12,000 job cuts.

In China, property market woes are dragging on economic growth. Declining real estate values have impacted incomes, assets, and the public mood. Due to these headwinds, consumption growth is forecast to drop over the year.

Over in Latin America, Chile and Brazil were among the first emerging countries to hike interest rates in 2021—and they were some of the first to cut them last year. Thanks to improving domestic demand amid dissipating price spikes, the IMF upgraded the outlooks for Brazil and Mexico in 2024.

The lowest growth across all regions is forecast to be seen in Europe, at 0.9%. In late 2023, Signa, a multi-billion European property firm collapsed following the sharpest rise in interest rates in the European Union’s 25-year history. Also dimming the outlook is low consumer sentiment and the impact of high energy prices.

What are the Key Risks?

While no one holds a crystal ball, there are certain risks outlined by the IMF that could negatively impact global GDP growth:

  • Sharply Rising Commodity Prices: If geopolitical tensions escalate in the Israel-Hamas war, it could spillover into the broader region leading to spikes in energy prices. Over a third of global oil exports are based out of the region, in addition to 14% of global gas exports. Adding to this, 11% of international trade passes through the Red Sea, which has seen continued attacks between Iran-backed Houthi rebels and strikes from the U.S. and its allies.
  • Stubborn Inflation: A return of supply disruptions paired with an overheated labor market could add inflationary pressures, potentially leading to higher interest rates. In turn, stock markets could respond adversely and financial stability could deteriorate.
  • China’s Economy Slows: A property market rout could hurt domestic growth and consumer confidence, leading to declining consumption across the country. Accounting for nearly 19% of global GDP (PPP) in 2023, a slowing Chinese economy could impact countries that rely on trade with China.

While these risks remain present, the economy could witness positive surprises as well. Should inflation fall faster than expected, it would likely lead to monetary easing and a boost to global economic growth. Overall, the global economy defied expectations in 2023, and it may do the same in 2024.

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Markets

Mapped: The Industry Hiring the Most People In Every Country

The restaurant industry has the most vacancies in the U.S., followed by non-profit organizations.

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Mapped: The Industry Hiring the Most People In Every Country

Job searching can be challenging, especially when you are located in a region where your skills may not be in high demand.

This map illustrates which industry is hiring the most people in every country, based on LinkedIn job listings searched by Resume.io. This analysis only considers countries with 300 or more job listings and data is as of August 2023.

The Top Job Postings in America, Canada, the UK, and Australia

The restaurant industry had the most vacancies in the U.S., accounting for 7.9% of all job ads. It was followed by non-profit organizations with 5.6%, and motor vehicle manufacturing with 4.4%:

U.S. Industry by Job Ads% of Job Ads
Restaurants7.86%
Non-profit Organizations5.59%
Motor Vehicle Manufacturing4.41%
Software Development4.28%
Hospitality4.07%
Wellness and Fitness Services3.78%
Financial Services3.76%
Transportation, Logistics, Supply Chain, Storage3.61%
Internet Publishing3.59%
Defense and Space Manufacturing3.53%

According to the study, the trend in restaurant hiring is indicative of America’s return to eating out after the COVID-19 pandemic.

Meanwhile, hospitals and health care were Canada’s biggest potential employers, with almost 15% of all job ads. Retail came in second with 12.4%, followed by staffing and recruitment with 6.8%:

Canadian Industry by Job Ads% of Job Ads
Hospitals and Health Care14.82%
Retail12.45%
Staffing and Recruiting6.85%
Human Resources Services4.61%
IT Services and IT Consulting3.86%
Technology, Information and Internet3.75%
Financial Services3.53%
Manufacturing3.16%
Internet Publishing2.85%
Construction2.61%

In the UK, the construction industry had the most wanted ads with 9.2%. Britain’s construction industry has faced ongoing worker shortages, exacerbated by Brexit, which has prevented EU citizens from working in the UK without visas:

UK Industry by Job Ads% of Job Ads
Construction9.22%
Industrial Machinery Manufacturing6.03%
Education Administration Programs5.78%
Financial Services4.88%
Non-profit Organizations4.69%
Civil Engineering3.99%
Motor Vehicle Manufacturing3.62%
Accounting3.45%
Advertising Services3.43%
Hospitality3.36%

Just three sectors accounted for over 30% of the jobs available in Australia. Government administration was the sector hiring the most people (11.60%), followed by staffing and recruiting (10.8%) and hospitals and health care (10.2%):

Australian Industry by Job Ads% of Job Ads
Government Administration11.60%
Staffing and Recruiting10.81%
Hospitals and Health Care10.20%
Retail6.85%
IT Services and IT Consulting5.55%
Financial Services3.06%
Construction3.01%
Education Administration Programs2.68%
Human Resources Services2.54%
Software Development2.24%

Industry Hiring In Every Country by Job Ads in 2023

Across all countries, two sectors posted the most wanted ads in the most countries (28), staffing and recruiting and IT services and IT consulting. Healthcare and retail industries also appear among those in high demand.

CountryIndustry
🇦🇱 AlbaniaInternet Publishing
🇩🇿 AlgeriaBanking
🇦🇴 AngolaHuman Resources Services
🇦🇷 ArgentinaHuman Resources Services
🇦🇲 ArmeniaSoftware Development
🇦🇺 AustraliaGovernment Administration
🇦🇹 AustriaRetail
🇦🇿 AzerbaijanBanking
🇧🇭 BahrainStaffing and Recruiting
🇧🇩 BangladeshSoftware Development
🇧🇪 BelgiumStaffing and Recruiting
🇧🇴 BoliviaHuman Resources Services
🇧🇦 Bosnia and HerzegovinaSoftware Development
🇧🇷 BrazilTechnology, Information and Internet
🇧🇬 BulgariaIT Services and IT Consulting
🇰🇭 CambodiaHospitality
🇨🇦 CanadaHospitals and Health Care
🇰🇾 Cayman IslandsIT Services and IT Consulting
🇹🇩 ChadStaffing and Recruiting
🇯🇪 Channel Islands (Jersey)Financial Services
🇨🇱 ChileHuman Resources Services
🇨🇳 ChinaTechnology, Information and Internet
🇨🇴 ColombiaHuman Resources Services
🇨🇩 Congo (Democratic Republic of the)Hospitality
🇨🇷 Costa RicaIT Services and IT Consulting
🇭🇷 CroatiaIT Services and IT Consulting
🇨🇾 CyprusTechnology, Information and Internet
🇨🇿 Czech RepublicStaffing and Recruiting
🇩🇰 DenmarkRetail
🇩🇴 Dominican RepublicInsurance
🇪🇨 EcuadorIT Services and IT Consulting
🇪🇬 EgyptTechnology, Information and Internet
🇸🇻 El SalvadorHuman Resources Services
🏴󠁧󠁢󠁥󠁮󠁧󠁿 EnglandStaffing and Recruiting
🇪🇪 EstoniaTechnology, Information and Internet
🇪🇹 EthiopiaSoftware Development
🇫🇮 FinlandIT Services and IT Consulting
🇫🇷 FranceStaffing and Recruiting
🇬🇫 French GuianaIT Services and IT Consulting
🇬🇪 GeorgiaStaffing and Recruiting
🇩🇪 GermanyStaffing and Recruiting
🇬🇭 GhanaHigher Education
🇬🇷 GreeceTechnology, Information and Internet
🇬🇵 GuadeloupeTechnology, Information and Internet
🇬🇹 GuatemalaHuman Resources Services
🇭🇹 HaitiStaffing and Recruiting
🇭🇳 HondurasIT Services and IT Consulting
🇭🇰 Hong Kong (SAR)Financial Services
🇭🇺 HungaryIT Services and IT Consulting
🇮🇸 IcelandHigher Education
🇮🇳 IndiaStaffing and Recruiting
🇮🇩 IndonesiaHospitality
🇮🇶 IraqDefense and Space Manufacturing
🇬🇧 Ireland (Northern)Staffing and Recruiting
🇮🇪 Ireland (Republic of)Staffing and Recruiting
🇮🇲 Isle of ManHuman Resources Services
🇮🇱 IsraelSoftware Development
🇮🇹 ItalyRetail
🇯🇲 JamaicaStaffing and Recruiting
🇯🇵 JapanIT Services and IT Consulting
🇯🇴 JordanTechnology, Information and Internet
🇰🇿 KazakhstanIT Services and IT Consulting
🇰🇪 KenyaSoftware Development
🇰🇼 KuwaitDefense and Space Manufacturing
🇰🇬 KyrgyzstanIT Services and IT Consulting
🇱🇻 LatviaIT Services and IT Consulting
🇱🇧 LebanonTechnology, Information and Internet
🇱🇮 LiechtensteinStaffing and Recruiting
🇱🇹 LithuaniaIT Services and IT Consulting
🇱🇺 LuxembourgStaffing and Recruiting
🇲🇴 MacaoHuman Resources Services
🇲🇰 Macedonia (North)Technology, Information and Internet
🇲🇾 MalaysiaFinancial Services
🇲🇹 MaltaTechnology, Information and Internet
🇲🇶 MartiniqueTechnology, Information and Internet
🇲🇺 MauritiusFinancial Services
🇲🇽 MexicoIT Services and IT Consulting
🇲🇩 MoldovaInternet Publishing
🇲🇨 MonacoStaffing and Recruiting
🇲🇦 MoroccoIT Services and IT Consulting
🇲🇲 MyanmarStaffing and Recruiting
🇳🇵 NepalSoftware Development
🇳🇱 NetherlandsStaffing and Recruiting
🇳🇿 New ZealandStaffing and Recruiting
🇳🇮 NicaraguaIT Services and IT Consulting
🇳🇬 NigeriaHuman Resources Services
🇳🇴 NorwayStaffing and Recruiting
🇴🇲 OmanStaffing and Recruiting
🇵🇰 PakistanSoftware Development
🇵🇦 PanamaIT Services and IT Consulting
🇵🇬 Papua New GuineaStaffing and Recruiting
🇵🇾 ParaguayTelecommunications
🇵🇪 PeruHuman Resources Services
🇵🇭 PhilippinesIT Services and IT Consulting
🇵🇱 PolandIT Services and IT Consulting
🇵🇹 PortugalIT Services and IT Consulting
🇵🇷 Puerto RicoRetail
🇶🇦 QatarStaffing and Recruiting
🇷🇪 ReunionBusiness Consulting and Services
🇷🇴 RomaniaIT Services and IT Consulting
🇷🇺 RussiaTechnology, Information and Internet
🇸🇭 Saint HelenaSoftware Development
🇸🇦 Saudi ArabiaStaffing and Recruiting
🏴󠁧󠁢󠁳󠁣󠁴󠁿 ScotlandStaffing and Recruiting
🇸🇳 SenegalStaffing and Recruiting
🇷🇸 SerbiaIT Services and IT Consulting
🇸🇬 SingaporeStaffing and Recruiting
🇸🇰 SlovakiaIT Services and IT Consulting
🇸🇮 SloveniaTechnology, Information and Internet
🇿🇦 South AfricaStaffing and Recruiting
🇰🇷 South KoreaIT Services and IT Consulting
🇪🇸 SpainIT Services and IT Consulting
🇱🇰 Sri LankaIT Services and IT Consulting
🇸🇪 SwedenGovernment Administration
🇨🇭 SwitzerlandInternet Publishing
🇹🇼 TaiwanSoftware Development
🇹🇭 ThailandSoftware Development
🇹🇳 TunisiaSoftware Development
🇹🇷 TurkeySoftware Development
🇻🇮 U.S. Virgin IslandsIT Services and IT Consulting
🇺🇬 UgandaEducation Administration Programs
🇺🇦 UkraineSoftware Development
🇦🇪 United Arab EmiratesTransportation, Logistics, Supply Chain and Storage
🇬🇧 United KingdomConstruction
🇺🇸 United States of AmericaRestaurants
🇺🇾 UruguaySoftware Development
🇻🇪 VenezuelaConsumer Services
🇻🇳 VietnamSoftware Development
🏴󠁧󠁢󠁷󠁬󠁳󠁿 WalesConstruction

Which countries or industries stand out the most to you?

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