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 | OHCHR , UNOG
The telecommunications shutdowns in Afghanistan in September had serious and far-reaching impacts on people’s lives, according to a briefing paper published today by the UN Human Rights Office and the UN Assistance Mission in Afghanistan (UNAMA).
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Office spokesperson Jeremy Laurence at the UN Geneva press briefing made the following comment on the ASEAN declaration on the right to a healthy environment.
1
1
1
Press Conferences | IFRC , OCHA , OHCHR , UNCTAD , UNHCR , UNOG , WHO , WMO
Rolando Gómez, Chief of the Press and External Relations Section at the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by the representatives and spokespersons of the World Meteorological Organization, the Office of the High Commissioner for Human Rights, the United Nations Refugee Agency, the Office for the Coordination of Humanitarian Affairs, the World Health Organization, and the International Federation of Red Cross and Red Crescent Societies.
1
1
1
Edited News | IFRC , OCHA , WMO
‘Catastrophic’ Hurricane Melissa hours from landfall in Jamaica as humanitarians rush to save lives
Millions in Jamaica and across the Caribbean are bracing for massive impact from Hurricane Melissa on Tuesday as the UN and partners are warning of a “severe” and “immediate” humanitarian threat.
1
1
1
Press Conferences | UNEP
UNEP Press conference: Minamata Convention on Mercury COP6
1
1
Edited News | WHO
‘We need all routes to open’: in Gaza WHO calls for ramp-up of medevacs, easier access for essentials
Two weeks since a ceasefire agreement entered into force in Gaza the World Health Organization (WHO) noted progress on the flow of aid while calling for more evacuations of critical patients and eased entry for essential medicines and supplies.
1
1
1
Press Conferences | WHO , WMO
Alessandra Vellucci, Director of the United Nations Information Service Geneva, chaired a hybrid press briefing, which was attended by spokespersons and representatives of the World Health Organization and the World Meteorological Organization.
1
5
1
1
Press Conferences | UNCTAD
Press conference on the launch of the Sevilla Forum on Debt, on the margins of the sixteenth United Nations Conference on Trade and Development (UNCTAD16).
1
12
1
1
Edited News | WMO , UNITED NATIONS
UN chief urges boost to life-saving weather warning systems, stresses role of climate change science
No country is safe from the devastating impacts of extreme weather — and saving lives means making early-warning systems accessible to all, UN chief António Guterres said on Wednesday.
1
1
1
Edited News | WFP
Gazans’ response to food distributions ‘overwhelming’ as humanitarians scale up under fragile ceasefire
In Gaza, the ceasefire is enabling UN humanitarians to reach more desperate people with life-saving food, but greater access is needed to contain the spread of famine.
1
1
1
Press Conferences | UNFPA , WFP , WHO , OCHA , WMO
Alessandra Vellucci, Director, United Nations Information Service Geneva, chaired a hybrid press briefing, which was attended by spokespersons and representatives of the United Nations Populations Fund, the World Food Programme, the United Nations Office for the Coordination of Humanitarian Affairs, the World Health Organization and the World Meteorological Organization.