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 | UNIFIL , UNFPA , IOM , UNHCR
As the UN Secretary-General touched down in Beirut on Friday in solidarity with the people of Lebanon, UN agencies highlighted the dangers for civilians and particularly pregnant women and migrant workers, amid ongoing airstrikes and rocket fire between Hezbollah fighters and Israel.
1
1
1
Press Conferences | HRC , IOM , UNFPA , UNHCR , UNIFIL
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 United Nations Interim Force in Lebanon, the International Organization for Migration, the United Nations Population Fund, the World Health Organization, the United Nations Refugee Agency, and the Human Rights Council.
1
1
1
Press Conferences | OHCHR
"Counter-terrorism abuses challenging the international order" (definition of terrorism, use of force under the pretext of counter-terrorism, narco-terrorism)
2
1
2
Press Conferences , Edited News | HRC
Russia’s deportations of Ukrainian children amount to crimes against humanity: independent UN rights probe
Scores of Ukrainian children are still missing after being deported far and wide across Russia and occupied territories while their families continue to search for them, human rights investigators said on Thursday.
2
1
2
Edited News , Press Conferences | OCHA
The UN’s emergency relief chief on Wednesday condemned the “$1 billion-a-day” cost of the war roiling the Middle East, at a time of severe cuts to the global body’s humanitarian work in emergencies and “soaring” needs.
1
1
1
Press Conferences | HRC
Press conference with the Group of Human Rights Experts on Nicaragua following the release of their report to the 61st session of the Human Rights Council.
1
1
1
Edited News | OHCHR , WHO , UNHCR , UNICEF , WFP
Middle East war: UN warns of ‘toxic rain’ danger from oil depot strikes as mass displacement, aid supply shocks spread
Toxic “black rain” linked to strikes on oil depots, mass displacement and continuing disruption to humanitarian supply chains are upending lives across the Middle East and beyond after 10 days of war in the region, UN humanitarians said on Tuesday.
1
1
1
Press Conferences | UNRISD , UNECE , UNHCR , WHO , OHCHR , UNDP , WFP
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 United Nations Refugee Agency, the World Health Organization, the United Nations Children’s Fund, the Office of the High Commissioner for Human Rights, the World Food Programme, the United Nations Research Institute for Social Development, the United Nations Economic Commission for Europe, and the United Nations Development Programme.
1
1
1
Press Conferences | IPU
IPU report discusses women in parliament, featuring speakers Martin Chungong and Mariana Mutzenberg.
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Spokesperson Ravina Shamdasani on Friday made the following remarks on Israel’s military ground incursions and displacement orders in Lebanon.
1
1
1
Edited News | OHCHR , IOM , WHO
The escalating war in the Middle East has heightened growing concerns about further civilian suffering and displacement in the region and far beyond, UN agencies said on Friday.
1
1
1
Press Conferences | IOM , OHCHR , UNHCR , WHO
Alessandra Vellucci, Director of the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by the spokespersons and representatives of the United Nations Refugee Agency, the World Health Organization, the International Organization for Migration, and the Office of the High Commissioner for Human Rights.