Economic growth ‘exceeds expectations’ but trade tensions are rising: UN report

United Nations Tanzania 2018

UNCTAD/Adam Kane Tanzania has experienced high economic growth rates but inequality especially among women has remained high.

This article is brought to you in association with the United Nations.

Global economic growth is exceeding expectations this year but heightened geopolitical tension and uncertainty over international trade could thwart progress, according to a new United Nations report.

The global Gross Domestic Product (GDP) is due to expand by more than 3 per cent this year and next, according to the UN World Economic Situation and Prospects (WESP) — an improved outlook compared with the 3 per cent and 3.1 per cent growth for 2018 and 2019, forecast six months ago.

The revision reflects strong growth in developed countries due to accelerating wage increases, broadly favourable investment conditions and the short-term impact of a fiscal stimulus package in the United States.

At the same time, widespread increase in global demand has accelerated the overall growth in trade, while many commodity-exporting countries will also benefit from the higher energy and metal prices.

Speaking at the launch, Elliott Harris, UN Assistant Secretary-General for Economic Development and Chief Economist, said the accelerated growth forecast was positive news for the international effort to reach the 2030 Sustainable Development Goals (SDGs), which include eradicating extreme poverty and hunger.

However, Mr. Harris cautioned that “there is a strong need not to become complacent in response to upward trending headline figures”. He added that the report “underscores that the risks have increased as well”, adding that rising risk “highlights the need to urgently address a number of policy challenges, including threats to the multilateral trading system, high inequality and the renewed rise in carbon emissions”.

Trade barriers and retaliatory measures mark a shift away from unambiguous support for the norms of the international trading system, the report notes, which threatens the pace of global growth with potentially large repercussions, especially for developing economies.

The report also finds that income inequality remains alarmingly high in numerous countries but there is evidence of noticeable improvements in some developing countries over the last decade.

It cites some countries in Latin America and the Caribbean region where specific policy measures related to minimum wage levels, education and government transfer payments have significantly reduced inequality over the last 20 years.

The report also finds that global energy-related carbon dioxide emissions increased by 1.4 per cent in 2017 due to faster global economic growth; the relatively low cost of fossil fuels and weaker energy efficiency measures, among other factors.

Reforming fossil fuel subsidies and providing tax breaks to boost greener economic growth could accelerate the international effort to meet the greenhouse gas emission targets outlined in the 2015 Paris Agreement.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Grexit no longer a threat but how to manage a “tutti frutti” government if not with fear?

European Confederation of Junior Enterprises hosts in Geneva the Junior Enterprise World Conference

UN underscores the need to celebrate indigenous peoples, not confine them

Drought in Europe: Commission presents additional measures to support farmers

Global Leaders Take The Stage At MWC Shanghai 2019, in association with The European Sting

EFSF/ESM boss tells half truths about Troika’s doings

Here’s how data could make our cities safer

Barriers to trade: as protectionism rises, EU continues opening up export markets for European firms

Why city residents should have a say in what their cities look like

Everything you need to know about water

Khashoggi trial in Saudi Arabia falls short of independent, international probe needed: UN rights chief

Where is Egypt leading the Middle East and the Mediterranean economy?

These countries are ranked highest – and lowest – for human development

Erdogan’s electoral win on a ‘me or chaos’ dilemma means trouble for everybody

Paris, Washington, IMF against Berlin and ECB on money and interest

Lack of access to clean water, toilets puts children’s education at risk, says UN

On our way to China

Security Council should ‘nurture’ Colombian consensus against return to violence, top UN official urges

Climate change is destroying a barrier that protects the US from hurricanes

The 27 EU leaders did nothing to help May unlock the Brexit talks

Commission tries to solidify the EU statistical system

Parliament sets up plan to fight the 3,600 criminal rings of EU

Scotland wants to create an ethical stock exchange (Post Brexit)

European Development Days 2013

Merkel refuses to consider the North-South schism of Eurozone

On Google antitrust case: “Let’s face it, some companies want to hurt Google and it goes as simple as that”

ZTE @ MWC14: ZTE excels in all areas at this year’s Mobile World Congress

‘Nothing left to go back for’: UN News hears extraordinary stories of loss, and survival as Mozambique rebuilds from deadly cyclones

Mainland Europe adopts Germanic cartel business patterns

What will the US look like under Trump? Was his election campaign a big scam?

State aid: Commission approves €431 million public support for cleaner transport in German cities

Google prepares to final EU judgement over Android antitrust case

MEPs want robust EU cyber defence and closer ties with NATO

The creation and maintenance of smoke-free public spaces in the UK

Davos participants call for digital trade deal

Greening the Belt and Road is essential to our climate’s future

The opportunity of studying Medicine abroad

New York City has a plan to fight fast fashion waste. Here’s how it works

Digital Single Market: New EU rules for online subscription services

UN food relief agency airlifts aid to DR Congo province hit by Ebola outbreak

Colombia: ‘Terrible trend’ of rights defenders killed, harassed; UN calls for ‘significant effort’ to tackle impunity

Kellen Europe Hosts EuroConference 2016

AI-assisted recruitment is biased. Here’s how to make it more fair

How civil society must adapt to survive its greatest challenges

European Parliament marks EU accession prospects for Serbia and Kosovo

Ensure safety of responders UN Security Council urges, amid worsening DR Congo Ebola outbreak

Resolving banks with depositors’ money?

UN postal agency ‘regrets’ US withdrawal

Some Prevailing Arguments and Perceptions over the South China Sea Issue Are Simply Wrong

‘End the ongoing atrocities’ against people with albinism in Malawi, say UN rights experts

Manufacturers Get Smarter for Industry 4.0

Zeid calls for ICC probe into Myanmar Rohingya crisis

New York and London mayors call on cities to divest from fossil fuels

The COP24 Agreement: Yes, it happened at last

MEPs take stock of the EU’s foreign, security and defence policy priorities

OECD joins with Argentina to fight financial crime

European Commission: Does Apple, Starbucks and Fiat really pay their taxes?

How fungi could save the world

The economic cost of anti-vaccination movements in Italy

MWC 2016 LIVE: Xiaomi looks to revive growth with flagships

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s