growth

Dialogue with members of the UN CDP, UN DESA and UNIDO on post-pandemic opportunities and challenges in industrial policy on 17 November 2021

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

Global growth may have reached a peak Firms in the United States and Japan are facing capacity constraints Manufacturing activity slows in developed and developing economies

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

Among the many issues touched upon were inequality and the economics of innovation and technology change; fostering broader private sector engagement in sustainable investment; and aligning educational priorities with the changing nature of work.

Growing private consumption, increased investment and strong government expenditure have improved the conditions for growth.

Latin America and the Caribbean are headed for a mild economic recovery in 2017-2018. However, the region’s recovery remains shallow and uneven.