World Economic Situation and Prospects (WESP) Full Report

Global growth to remain subdued amid lingering uncertainty. Lower inflation and monetary easing offer relief, but trade tensions, high debt burdens, and geopolitical risks cloud the outlook.

The world economy continues to face multiple crises, jeopardizing progress towards the Sustainable Development Goals (SDGs). 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.

Multiple shocks to the world economy The world continues to confront multiple, inter-connected crises. Amid a slow recovery from the impact of the COVID-19 pandemic, the world is facing a food and energy crisis exacerbated by the war in Ukra

The global economic recovery is facing significant headwinds amid new waves of COVID-19 infections, persistent labour market challenges, lingering supply-chain challenges and rising inflationary pressures.

The pandemic reached every corner of the world, infecting more than 90 million and, so far, has killed close to 2 million people worldwide. The crisis responses, however, entailed difficult choices between saving lives and saving livelihoods, between speed of delivery and efficiency, and between short-term costs and long-term impacts.

The global economy has suffered a significant slowdown amid prolonged trade disputes and wide-ranging policy uncertainties. Economists warn that economic risks could inflict severe and long-lasting damage on development prospects.

The global economy is facing a confluence of risks, which could severely disrupt economic activity and inflict significant damage on longer-term development prospects. These risks include an escalation of trade disputes, an abrupt tightening of global financial conditions, and intensifying climate risks.

Marking 70 years of publication, UN/DESA's flagship report on the state of the global economy, the World Economic Situation and Prospects 2017, was launched today in New York by Assistant-Secretary-General for Economic Development, Lenni Montiel, and Senior Economic Affairs Officer, Dawn Holland. The report states that world gross product is forecast to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, with this modest recovery more an indication of economic stabilization than a signal of a robust and sustained revival of global demand.? Regional launches will take place in Addis Ababa, Bangkok, Beirut, Geneva, Johannesburg, Mexico City, Moscow and New Delhi throughout the week.

Marking 70 years of publication, UN/DESA's flagship report on the state of the global economy, the World Economic Situation and Prospects 2017, was launched today in New York by Assistant-Secretary-General for Economic Development, Lenni Montiel, and Senior Economic Affairs Officer, Dawn Holland. The report states that world gross product is forecast to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, with this modest recovery more an indication of economic stabilization than a signal of a robust and sustained revival of global demand.? Regional launches will take place in Addis Ababa, Bangkok, Beirut, Geneva, Johannesburg, Mexico City, Moscow and New Delhi throughout the week. Watch the global outlook [link to: https://www.youtube.com/watch?v=uBYlk1idPzc] Full report and other press materials [link to: http://bit.ly/WESP]