The Future of Growth report, recently released by the World Economic Forum (WEF), offers a re-evaluation of global economic growth using a new framework that takes a holistic look at GDP alongside the quality of growth across 107 economies.

Between 2018 and 2023, high income economies and upper-middle income economies grew by 1.4% and 2.2% annually respectively. Global growth has been slower in the past decade and the post-pandemic recovery is losing momentum, amidst multiple crises, geopolitical tensions with far-reaching implications for technology, growth, and development as well as an expected temperature rise significantly above the targets set out in the Paris Agreement in 2015. Global GDP today is higher than the pre-pandemic level, but growth rates in 2023 remain below 4% across all income groups. The WEF therefore aimed to analyse GDP growth patterns taking into account the underlying nature and quality of growth. 4 pillars namely, innovativeness, inclusiveness, sustainability, and resilience were used.

Mauritius stands out with a GDP growth of 7% in 2023, higher than pre-pandemic levels, and an average growth rate of 2.3% for the past 5 years. Following the new framework, this high growth is explained by the country’s innovativeness, inclusiveness, and resilience. Mauritius scored higher than the higher-income economies average in these 3 pillars, with better scores in sustainability and resilience. The WEF noted that this trend was observed in countries with strong economic fundamentals at different stages of transition towards more innovative, inclusive, and resilient growth models. The report also highlights high scores on education, ICT capital, mobile network coverage, and institutional ecosystem with the financial and technology dimensions having a significant impact on performance of Mauritius.

View full report on following link:

https://www.weforum.org/publications/the-future-of-growth-report/