Please Sign in to view recently saved searches.
01 Nov 2024
UNCTAD Projects 2.7% Global Economic Growth for 2024
Keywords
On October 29, the United Nations Conference on Trade and Development (UNCTAD) released a report projecting global economic growth of 2.7% for both 2024 and 2025. The report points to slow growth, weak investment, and sluggish trade, which are widening the development gap between nations, highlighting the need to rethink global development strategies.
The 2024 Trade and Development Report notes that the projected global growth rate for the coming years falls below the average annual growth of 3.0% observed from 2001 to 2019. Multiple crises, including high energy prices and rising protectionism, present challenging policy decisions for developing countries. UNCTAD Secretary-General Rebeca Grynspan emphasized, “We need to rethink our global development strategy, reform the international financial system, and renew our commitment to multilateralism to offer real support to developing nations.” She also noted that developing countries face both opportunities, such as increased South-South trade and the shift toward green transformation, and challenges like slower global growth, financial instability, debt, and rapid shifts in global trade.
The report further highlights that South-South trade has risen from $2.3 trillion in 2007 to $5.6 trillion in 2023. By leveraging regional trade agreements and strategic industrial policies, developing countries can better enhance their economic resilience.
Disclaimer: Blooming reserves the right of final explanation and
revision for all the information.