The World Economic Situation and Prospects 2016, UN/DESA’s flagship report on the state of the world economy, was launched today in New York. The report projects a modest improvement for the world economy in 2016/17 as a number of cyclical and structural headwinds persist. Global growth is estimated at a mere 2.4 per cent in 2015 and is forecast to grow by 2.9 per cent in 2016 and 3.2 per cent in 2017.

In his address to the ECOSOC Bureau, ASG Lenni Montiel said, “The WESP 2016 underscores that global growth faltered last year and only a very modest improvement is expected in 2016 and 2017. Clearly, the projected growth of the global economy will impact efforts to pursue sustainable development in all three areas - economic, social and environmental… Given the weak growth prospects, we need to step up our efforts to boost growth and job creation around the world. Let us not forget that the fastest progress towards achieving the MDGs was during 1995-2007, when the world economy registered robust and balanced growth.”

Notwithstanding weak growth prospects, the WESP 2016 highlights some positive trends in environmental sustainability. Global energy-related carbon emissions experienced no growth in 2014 for the first time in 20 years, with the exception of 2009 when the global economy contracted, suggesting that a delinking of economic growth and carbon emission growth is possible with appropriate policies and adequate investment.