WESP

About 20 years ago, eight Eastern European countries joined the European Union. EU membership facilitated economic growth, transfer of new technology and knowledge to these countries, leading to the modernization and diversification of their production and export base.

Climate change has emerged as a source of supply shocks and a key risk to the global economy. While localized supply shocks may have a limited impact, multiple severe events – such as those associated with climate change- can push inflation up.

The majority of central banks kept their policy rates unchanged in the first quarter of 2024, closely watching the decisions of the United States Federal Reserve and the European Central Bank.

The Economic Analysis and Policy Division in the Department of Economic and Social Affairs (DESA) will host the Expert Group Meeting “Harnessing the potential of critical minerals for sustainable development” on 29-30 May 2024. The participants will in ...

The global economic outlook has improved since January, with major economies avoiding a severe downturn. The world economy is now projected to grow, on the back of better-than-expected performance of the United States economy and some improvement in the outlook for several large emerging economies.

Given the strong interactions between domestic debt and the broader economy, policymakers must carefully weigh its associated trade-offs while determining the optimal debt structure to minimize chances of domestic debt default.

Regional integration in West African economies faces further challenges as Burkina Faso, Mali, and Niger announced the intention to withdraw from the Economic Community of West African States (ECOWAS).

A prolonged period of high borrowing costs and tight credit conditions could exacerbate balance-of-payment pressures and debt sustainability concerns in many low-income and vulnerable economies.

Although global economic growth outperformed expectations in 2023 with several large economies showing remarkable resilience, simmering geo-political tensions and the growing intensity and frequency of extreme weather events have increased underlying risks and vulnerabilities. Furthermore, tight financial conditions also pose increasing risks to global trade and industrial production.