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:
1
1
1
Press Conferences | OHCHR
Press briefing: Human rights situation in Gaza and across the occupied Palestinian territory
1
2
1
Press Conferences | UNIDIR
Launch of the Cluster Munition Monitor 2025 report
1
1
1
Edited News | OHCHR , UNOG
New UN Human Rights report finds 10 years of increased suffering repression and fear
The UN Human Rights Office on Friday published a report on the human rights situation in the Democratic People's Republic of Korea (DPRK) since 2014.
1
1
2
Edited News | UNICEF , UNHCR
The ongoing humanitarian response to the devastating Afghanistan earthquake disaster continued on Friday, although essential services have been cut for operational reasons following reinforced Taliban restrictions on women working with the UN, the global body said.
1
1
1
Press Conferences | WIPO , WMO , OHCHR , UNICEF , UNHCR , WHO
Michele Zaccheo, Chief, UNTV, Radio and Webcast Section, United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, which was attended by spokespersons and representatives from the Office of the United Nations High Commissioner for Human Rights, United Nations Children's Fund, United Nations High Commissioner for Refugees, World Health Organization, World Intellectual Property Organization, World Meteorological Organization, and the United Nations Office for the Coordination of Humanitarian Affairs.
1
1
1
Edited News | OHCHR , UNOG
Un nouveau rapport du Haut-Commissariat des Nations Unies aux droits de l'homme sur la République démocratique du Congo évoque le spectre de crimes de guerre et de crimes contre l'humanité dans le Nord et le Sud-Kivu.,
2
1
2
Press Conferences , Edited News | HRC
A high-level independent rights probe into the Sudan crisis on Tuesday condemned the many grave crimes committed against civilians by all parties to the war, citing disturbing evidence indicating that they had been “deliberately targeted, displaced and starved”.
1
1
1
Edited News | WHO
Ukraine: ‘Relentless’ attacks rattle health system as winter approaches: WHO
Ambulances attacked, chronically ill patients lacking care and no peace in sight: for millions of Ukrainians, the run-up to another winter of war is just the latest life-or-death challenge they face, the UN health agency (WHO) said on Tuesday.
1
1
1
Press Conferences | IFRC , OCHA , WHO , IOM , UNICEF
Alessandra Vellucci of the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, attended by spokespersons and representatives of the United Nations Office for the Coordination of Humanitarian Affairs, the World Health Organization, UN Women, the International Organization for Migration, the United Nations Children’s Fund and the International Federation of the Red Cross.
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Chief Volker Türk on Monday delivered his report on Sri Lanka to the 60th session of the Human Rights Council in Geneva.
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Chief Volker Türk on Monday delivered his global update to the 60th session of the Human Rights Council in Geneva.
1
1
1
Edited News | OHCHR
A UN report on the Democratic Republic of Congo raises specter of war crimes and crimes against humanity in North and South Kivu, according to UN Human Rights Spokesperson Ravina Shamdasani.