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World Economic Situation and Prospects 2018 report released

World Economic Situation and Prospects 2018 report released

World Economic Situation and Prospects 2018 report launched on 11th December 2017, in New York.  The World Economic Situation and Prospects 2018 demonstrates that current macroeconomic conditions offer policy-makers greater scope to address some of the deep-rooted issues that continue to hamper progress towards the Sustainable Development Goals.

World Economic Situation and Prospects report:

The World Economic Situation and Prospects report is the UN’s flagship publication on expected trends in the global economy. WESP is produced annually by the UN Department of Economic and Social Affairs (DESA) in collaboration with the UN Conference on Trade and Development

Report of 2017:

According to the report, in 2017, world economic growth has reached 3 per cent the highest growth since 2011, as crisis-related fragilities and the adverse effects of other recent shocks subside. The improvement is widespread, with roughly two-thirds of countries worldwide experiencing stronger growth in 2017 than in the previous year. Global growth is expected to remain steady at 3.0 per cent in 2018 and 2019. In 2017, East and South Asia accounted for nearly half of global growth, with China alone contributing about one-third.

Highlights of Report 2018:

  • The upturn in global growth is a welcome sign of a healthier economy, it is important to remember that this may come at an environmental cost.
  • The report highlights four areas where the improved macroeconomic situation opens the way for policy to address these challenges: increasing economic diversification, reducing inequality, supporting long-term investment and tackling institutional deficiencies.
  • The report notes that reorienting policy to address these challenges can generate stronger investment and productivity, higher job creation and more sustainable medium-term economic growth.
  • The report found that very few least developed countries (LDCs) are expected to reach the Sustainable Development Goal target for GDP growth of “at least 7 per cent” in the near term.

Inclusive Growth:

The recent improvements in economic conditions, however, have been unevenly distributed across countries and regions. Negligible growth in per capita income is expected in several parts of Africa, Western Asia and PRESS RELEASE Embargoed until Monday, 11:00 am EST 11 December 2017 Issued by the UN Department of Public Information Latin America and the Caribbean in 2017–2019.

Environmental sustainability:

Preliminary estimates suggest that the level of global energy-related CO2 emissions increased in 2017 after remaining flat for three consecutive years. The frequency of weather-related shocks continues to increase, also highlighting the urgent need to build resilience against climate change and prioritize environmental protection.

Addressing financial challenges:

The report suggests that a new financial framework for sustainable finance should be created in alignment with the 2030 Agenda and the Addis Ababa Action Agenda that would shift the focus from short term profit to long term value creation. Regulatory policies for the financial system, well coordinated with monetary, fiscal and foreign exchange policies, should support this framework, by promoting a stable global financial environment.

 

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