The 2024 edition of the United Nations’World Economic Situation and Prospects reportcomes amid stark global economic inequalitiesand high geopolitical tensions.While rich economies have largely bouncedback from the COVID-19 pandemic, developingeconomies have lost ground. Many aredrowning in debt, with more than a third atrisk of crisis. Investment in climate actionand sustainable development is fallingwoefully short. Hunger and poverty are onthe rise. And growing divisions betweencountries and economies are preventing aneffective response.As this report makes clear, 2024 is projected tobe another tough year. Sluggish global growth isprojected to slow further. Investment will remainweak. The debt crisis will continue to spiral,as debt service obligations reach new heights.And devastating conflicts and escalating extremeweather are bringing uncertainty and risk tothe global economy. The result: developmentdelayed and denied.2024 must be the year when we break outof this quagmire.By unlocking big, bold investments we can drivesustainable development and climate action,and put the global economy on a stronger growthpath for all.We must build on the progress made in thepast year towards an SDG Stimulus of at least$500 billion per year in affordable long-termfinancing for investments in sustainabledevelopment and climate action.That includes increasing the capital baseof Multilateral Development Banks andchanging their business models to leveragefar more private finance at reasonable cost todeveloping countries.It is also time for an effective debt workoutmechanism to free up fiscal space for investmentin health, education, social protection, decentjobs, digital infrastructure and renewable energy.The Summit of the Future in September 2024will be a pivotal opportunity to advance reformsof today’s outdated, dysfunctional and unjustinternational financial system, providing astronger foundation for the global economy.Inequality is tearing our world apart. In 2024,we must seize the opportunity to create a moreinclusive, resilient global economy that works foreveryone, everywhere.
-António Guterres
United NationsSecretary-General
https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2024/
