UNCTAD’s Trade and Development Report Warns of Global Economic Slowdown

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UNCTAD report Source : UNCTAD

According to the UNCTAD’s Trade and Development Report 2023, the global economy is currently experiencing a slowdown, with growth decelerating in most regions compared to the previous year. This trend is only being bucked by a few countries. The report highlights that the global economy is at a critical juncture, where divergent growth paths, widening inequalities, increasing market concentration, and mounting debt burdens are casting shadows on the future.

Furthermore, the report suggests that the prospect of achieving the Sustainable Development Goals (SDGs) by 2030 is diminishing. Factors such as rising interest rates, weakening currencies, and sluggish export growth are squeezing the fiscal space required for governments to combat climate change and provide for their citizens.

To address these challenges, the report calls for a change in policy direction, including the involvement of leading central banks, and the implementation of institutional reforms that were promised during the COVID-19 crisis. It emphasizes the need for global financial reforms, pragmatic policies to tackle inflation, inequality, and sovereign debt distress, as well as stronger oversight of key markets.

The report proposes a set of actions to steer the global economy in the right direction. These actions include implementing a balanced policy mix of fiscal, monetary, and supply-side measures to achieve financial stability, stimulate productive investment, and create better employment opportunities.

In conclusion, the UNCTAD’s Trade and Development Report 2023 emphasizes the importance of avoiding past policy mistakes and embracing a positive reform agenda to safeguard the world economy from future systemic crises.

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