economics

According to the WESP 2020, sluggish global growth threatens sustainable development; 1 in 5 countries will see per capita incomes stagnate or decline this year, notably in Africa, Latin America and parts of Western Asia; across the world, many policies continue to encourage the use of fossil fuels

Senior Economic Affairs Officer Mariangela Parra-Lancourt presented a brief on the World Economic and Social Survey 2018: Frontier Technologies for Sustainable Development at the Informal Meeting of the General Assembly Plenary entitled “Impact of Rapid Technological Change on the Achievement of the Sustainable Development Goals” today in New York.

High commodity dependence and structural barriers hindering long-term growth prospects of many developing countries; intensifying trade tensions between the major economies poses a significant risk to the global growth outlook; recent financial market turbulence exposes vulnerabilities in several developing economies

Rising levels of public debt fueling fiscal sustainability concerns in many developing countries Several countries highly vulnerable to a sharp increase in government interest burden in the event of a financial shock High debt service obligations limit the availability of resources to pursue development objectives

Global growth expected to reach 3.2 per cent in 2018 and 2019 Key downside risks to the global economy include rising trade tensions, elevated debt and uncertainty over monetary policy adjustments in the developed countries Recent strengthening of economic growth carries environmental costs