UNCTAD Press conference 29 October 2024
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UNCTAD Press conference 29 October 2024

STORYLINE

UN Trade and Development (UNCTAD) today released its “Trade and Development Report 2024: Rethinking Development in the Age of Discontent”.

At a moment of low growth, high debt, weak investment and trade, and economic volatility, UNCTAD calls for a new approach to development thinking

The report highlights that despite opportunities for developing countries due to growth in South-South trade and demand created by minerals driving the green transition, developing countries face mounting challenges in navigating a sluggish global economy.

Multilateral action and revised international financial architecture are essential for addressing these challenges and supporting sustainable, inclusive growth.

UNCTAD's report underscores the emergence of a "low normal" in global economic growth, with rates projected to remain at just 2.7% for 2024 and 2025, down from an annual average of 3.0% between 2001 and 2019. This is a stark contrast to the 4.4% average growth seen in the years leading up to the global financial crisis.

For developing economies, this slowdown is more acute. While they grew at an impressive 6.6% during 2003-2013, their average growth has since fallen to just 4.1% between 2014 and 2024. Excluding China, the picture is even bleaker: growth in the Global South has averaged only 2.8% over the last decade.

At the same time, developing countries have seen their debt burdens swell by 70% between 2010 and 2023, putting many at risk of austerity measures that could undermine progress toward inclusive development.

Production date: 29 October 2024

Creator: UNCTAD

Subject topical: ECONOMICS

Corporate name: UN TRADE AND DEVELOPMENT – UNCTAD




TRADE AND DEVELOPMENT REPORT 2024 – UNCTAD calls for a "rethink" of development strategies

UN Trade and Development (UNCTAD) launched today the 2024 Trade and Development Report calls for a fundamental rethink of development strategies amid a global slowdown and rising social discontent.

DESCRIPTION

STORY: UNCTAD / UN TRADE AND DEVELOPMENT REPORT

TRT: 02 :50

SOURCE: UNCTAD

RESTRICTIONS: NONE

LANGUAGE: ENGLISH / NATS

WEBSITE: https://unctad.org/tdr2024

DATELINE: 29 OCTOBER 2024, GENEVA, SWITZERLAND

SHOTLIST

1. Wide shot, exterior, Palais de Nations

2. Med shot, press room

3. SOUNDBITE (English) Rebeca Grynspan, UN Trade and Development Secretary-General : « We are in a global economy where, although we celebrate the possibility of a soft landing, what we are saying is that we are landing on the wrong runway. We are landing in a framework of slow growth, high debt, weak investment, and the risk of fragmented trade, which is the basis for the widespread discontent we see affecting both developed and developing nations. »

4. Wide shot, speaker on screen, journalist, photographer

5. SOUNDBITE (English) Rebeca Grynspan, UN Trade and Development Secretary-General : « The report we share with you today calls for thinking about development policies with much more focus on the interlinkages between the global economy, global trade, and geopolitics. We call for reform of the international financial architecture through the revival of financial investment and trade dynamism for developing countries »

6. Wide shot, press room

7. SOUNDBITE (English) Rebeca Grynspan, UN Trade and Development Secretary-General: « Global growth is at a new low normal with developing nations facing the hardest and harshest impacts. The global economy is projected to grow at just 2.7% for 2024 and 2025. That is significantly lower from the rate that we had in the era pre-pandemic. »

8. Med shot, photographer

9. SOUNDBITE (English) Rebeca Grynspan, UN Trade and Development Secretary-General: « Debt in developing countries has surged by over 70% from 2010 to 2023.”

10. Med shot, control room

11. SOUNDBITE (English) Rebeca Grynspan, UN Trade and Development Secretary-General: « Rising debt has left many developing nations with very limited fiscal space, making structural reforms to boost productivity and resilience more difficult for their weakening their growth prospects. As we have said before, countries face impossible choices between servicing the debt and investment in development and economic transformation.”

12. Various shots, speaker, photographer, journalist

Speakers:

  • Rebeca Grynspan, UN Trade and Development Secretary General
  • Anastasia Nesvetailova, UNCTAD, Head, Macroeconomic and Development Policies Branch, Division on Globalization and Development Strategies


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