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
Press Conferences | WFP , UNHCR , WHO , IOM , UNFPA
Alessandra Vellucci, Director of the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by the representatives and spokespersons of the United Nations Refugee Agency, the World Food Programme, the World Health Organization, the International Organization for Migration, and the United Nations Population Fund.
1
1
1
Edited News | WFP
In Sudan, deep concerns persist for the many tens of thousands of people believed to still be trapped in the city of El Fasher in the Darfur region, but UN aid agencies believe they may soon get access to the embattled city.
1
1
1
Edited News | OHCHR , UNOG
Human rights are underfunded, under attack and undermined worldwide, but activism is still powerful, undeterred and mobilising, says UN Human Rights Chief Volker Türk on Human Rights Day press conference
1
1
1
Press Conferences | OHCHR
Human Rights Day Press Conference by UN High Commissioner for Human Rights Volker Türk
1
1
1
Press Conferences | UNICEF , UN WOMEN , UNHCR , UNFPA , UNDP , UNIS
Alessandra Vellucci, Director of the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by the representatives and spokespersons of the United Nations Development Programme, the United Nations Refugee Agency, the United Nations Children’s Fund, the World Health Organization, the United Nations Population Fund, and UN Women.
1
1
1
Edited News | UNICEF
Gaza newborns ‘scarred by war before first breath’ by preventable maternal malnutrition: UNICEF
Starving mothers in Gaza are giving birth to underweight or premature babies who die in intensive care units or struggle to survive as they endure acute malnutrition, the UN Children’s Fund (UNICEF) warned on Tuesday.
1
1
Press Conferences | OCHA
Embargoed until Monday, December 8, at midnight (NY)/6:00am (Geneva)
Tom Fletcher, the Under-Secretary-General for Humanitarian Affairs and Emergency Relief Coordinator, on funding requirements ahead of the release of the 2026 Global Humanitarian Overview
1
1
1
Edited News | OHCHR
UN Human Rights Office spokesperson Seif Magango delivered the following remarks on Friday at the bi-weekly press briefing in Geneva.
1
1
1
Edited News | OCHA
The humanitarian situation in northern Mozambique continues to deteriorate sharply as prolonged attacks by non-State armed groups in Nampula trigger one of the largest displacement surges of the year, the UN warned on Friday.
1
1
1
Press Conferences | UNESCO , OCHA , UNICEF , IFRC , FAO , OHCHR , IPU
Alessandra Vellucci, Director of the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by spokespersons and representatives of the United Nations Office for the Coordination of Humanitarian Affairs, the United Nations Children’s Fund, the Food and Agricultural Organization, the Office of the High Commissioner for Human Rights, the United Nations High Commissioner for Refugees, the International Federation of the Red Cross and the Inter-Parliamentary Union.
1
1
1
Press Conferences | OHCHR
The Committee on the Elimination of Racial Discrimination to announce findings on Burundi, Guatemala, Maldives, New Zealand, Sweden and Tunisia
1
1
Edited News | UNMAS
The deadly legacy of conflicts old and new from Gaza to Sudan and beyond continues to kill and maim civilians on a near-daily basis, mine action workers said on Wednesday, as they appealed for greater support for their lifesaving work in a context of deep funding cuts.