The United Nations Office at Geneva
Multimedia Newsroom
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
Similar Stories
1
1
1
Edited News | WHO , IFRC
‘Some people question whether Ebola is real’: trust is central in fighting DRC outbreak, humanitarians say
In Ebola-stricken Democratic Republic of the Congo (DRC), winning the race against the disease requires earning the community’s trust first and foremost, humanitarians said on Tuesday.
1
1
1
Press Conferences | IFRC , UNHCR , UNICEF , UNIDIR , WHO
Alessandra Vellucci, Director of the United Nations Information Service (UNIS) at Geneva, chaired a hybrid press briefing, which was attended by spokespersons and representatives of UNHCR, UNICEF, WHO, IFRC, UNIDIR
1
1
1
Edited News | OHCHR , UNOG
UN High Commissioner for Human Rights Volker Türk on Monday 15 June delivered his Global Update to the 62nd UN Human Rights Council in Geneva.
2
1
1
Statements , Conferences , Edited News | HRC
As representatives of Iran and the United States reportedly prepared to sign a new peace agreement at the end of the week, the UN on Monday stressed the urgent need to open an aid corridor to transit the choked-off Strait of Hormuz and prevent a global hunger crisis.
1
1
1
Edited News | WHO , UNICEF
DR Congo: Ebola spreads as agencies brace for child infections
The deadly Ebola outbreak in eastern Democratic Republic of the Congo (DRC) is continuing to spread with a spike in child infections an increasingly likely scenario, UN agencies said on Friday.
1
1
1
Press Conferences | WHO , UN WOMEN , UNICEF , ILO
Rolando Gómez, Chief of the Press and External Relations at the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by the spokespersons and representatives of the World Health Organization, the United Nations Children’s Fund, UN Women, and the International Labour Conference.
1
1
1
Edited News | WHO
Community trust and lab testing at the heart of DRC Ebola response – WHO
In Ebola-stricken eastern Democratic Republic of the Congo (DRC) a massive push for early testing and contact tracing is underway to contain the virus, the UN World Health Organization (WHO) said on Tuesday.
1
1
1
Press Conferences | WHO
Rolando Gómez, Chief of the Press and External Relations Section at the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, which was attended by a spokesperson and representative from the World Health Organization.
1
1
1
Press Conferences | UNHCR
Barham Salih launches new refugee solutions and Global Trends Report.
1
1
1
Edited News | OCHA , UNFPA
The UN in Lebanon appealed for an additional $331.5 million on Friday to help 1.4 million people in crisis as already massive needs continue to grow, three months after deadly violence erupted between Hezbollah fighters and Israeli forces.
1
1
1
Press Conferences | OCHA , UNFPA , UNHCR , WHO , IOM , WFP , FAO
Alessandra Vellucci, Director of the United Nations Information Service (UNIS) at Geneva, chaired a hybrid press briefing, which was attended by spokespersons and representatives of OCHA, FAO, UNFPA, WHO, WFP, IOM and UNHCR.
1
1
1
Edited News | UNIFIL
UN Security Council meets amid rising Israel-Hezbollah tensions in Lebanon.