2024 Financial Forecast: GDP, Tourism, and Exports Growth Rates Adjusted Down

Summary

  • Last year’s GDP growth is projected at 1.8%, a drop from the previously estimated 2.7%.
  • The number of anticipated foreign tourists in 2024 has lessened to 33.5 million from an initial estimate of 34.5 million.
  • Export growth for this year is predicted at 4.2%, a slight step down fromlast year’s conservatism estimate of 4.4%.
  • Last year’s export was predicted to shrink by 1.5%.
  • Due to increasing exports, services, and tourist arrivals, faster economic growth than last year is anticipated.

Economic and Tourism Forecasts

GDP growth in the year before is evaluated at 1.8%, reflecting a fall from the earlier prediction of 2.7%.

Optimistic projections put foreign tourist arrivals in 2024 at 33.5 million, marking a decrease from a prior estimate of 34.5 million.

Predicted Export Growth

Export expansion is slated to hit 4.2% in the current year, retreating slightly from an older prediction of 4.4%. Exports in the last year were forecast to decline by 1.5%.

Positive Economic Growth Anticipated

Riding on the back of escalating exports, services delivery and tourist footfall, the economy is poised to experience brisker growth than the preceding year, according to the statement.

A resurgence in GDP growth, spurred by robust export figures and tourism influx, can have far-reaching implications for forex trading, potentially influencing currencies tied to these economic indicators.

PIP Penguin
Logo