World Economic Situation and Prospects 2020

March, 2, 2020

In order to reach the targets of the 2030 Agenda for Sustainable Development, a dynamic and inclusive global growth is needed, but over the past years a significant deterioration of the world economy has been registered, by affecting the efforts to reduce poverty, create decent jobs, widen access to clean energy and achieve also other SDGs.

According to the report “World Economic Situation and Prospects 2020” released by UNCTAD – the United Nations Conference on Trade and Development (INSME Member) together with other UN Agencies, the world gross product growth fell down to 2.3 % in 2019, which is the lowest rate since the 2008 global financial crisis. A modest growth to 2.5% is forecast for 2020, but it could be influenced by a series of risks such as the intensification of trade tensions and tariffs, the evolution of the relationship between the United Kingdom and the European Union after the Brexit, the financial stability, and the effect of the climate change.

The report suggests that governments adopt a balanced policy mix that stimulates economic growth while moving towards greater social inclusion, gender equality, and environmentally sustainable production and consumption. Furthermore, even if national priorities exist, it would be advisable to identify global priorities which include scaling up investment and aligning policy to decarbonize energy, agriculture and transport; supporting equal opportunities in accessing high-quality education and formal employment.

Find out more in the report downloadable here.

Source: UNCTAD

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