reply UNCTAD expects world economy to grow by 2.7% this year

The United Nations Conference on Trade and Development (UNCTAD) said in a report released on 29 September that the world economy is expected to grow by 2.7% in both 2024 and 2025, and that challenges such as slow growth, weak investment and trade are widening the development gap between countries, and global development strategies should be rethought.　　In its Trade and Development Report 2024 released on the same day, UNCTAD noted that the world economy is expected to grow at a slower rate this year and next than the average annual growth rate of 3.0 percent during the period from 2001 to 2019. Developing countries face difficult policy trade-offs due to multiple crises, including high energy prices and growing protectionism.　　UNCTAD Secretary-General Rebecca Greenspan said, “We must rethink global development strategies, reform the international financial system, reinvigorate our commitment to multilateralism, and provide real support to developing countries.” She also said that developing countries have opportunities from South-South trade and green transformation, but also face challenges such as slow global growth, financial instability, debt, and accelerating changes in global trade.　　The report also noted that South-South trade had increased from $2.3 trillion in 2007 to $5.6 trillion in 2023. Developing countries could better enhance their economic resilience by utilizing regional trade and integration agreements and implementing strategic industrial policies.