Forex economy growth in 2024

The forex economy is expected to experience steady growth in 2024. According to the International Monetary Fund (IMF), global growth is projected to remain steady at 3.2% in 2024, driven by resilient growth in emerging markets and developing economies ¹.

In terms of forex reserves, India's reserves have rebounded after eight weeks of decline, standing at $6,56,582 million as of November 22, 2024 ². This rebound is a positive sign for the Indian economy, which is expected to remain the fastest-growing major economy in 2024.

The global financial system remains resilient, with financial conditions stable despite an uncertain and challenging backdrop ³. However, risks to global growth remain significant, including elevated public debt, stretched asset valuations, and geopolitical tensions.

Key Factors Driving Forex Economy Growth in 2024

- Resilient Growth in Emerging Markets: Emerging markets and developing economies are expected to drive global growth in 2024 ¹.

- Rebound in Forex Reserves: India's forex reserves have rebounded after eight weeks of decline, standing at $6,56,582 million as of November 22, 2024 ².

- Stable Financial Conditions: The global financial system remains resilient, with financial conditions stable despite an uncertain and challenging backdrop.