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
Edited News | UNRWA , WHO
Gaza: SOS messages describe people fainting from hunger; UN health worker detained
Worrying alerts from United Nations staff in Gaza who have been fainting from hunger and exhaustion over the past 48 hours have increased fears for people’s survival in the devastated enclave, UN humanitarians said on Tuesday.
1
1
1
Press Conferences | IPU , UNRWA , WHO , OCHA
Alessandra Vellucci of the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, attended by spokespersons and representatives of the United Nations Relief and Works Agency for Palestine Refugees in the Near East, the World Health Organization, the United Nations Office for the Coordination of Humanitarian Affairs, and the International Parliamentary Union.
1
1
1
Edited News | UNHCR , UNOG
Over 11.6 million refugees risk losing aid access due to funding cuts, says UNHCR
Approximately one in three refugees and other vulnerable individuals normally supported by the UN refugee agency (UNHCR) are expected to lose out from funding cuts, it said on Friday.
1
1
1
Edited News | OHCHR
Ravina Shamdasani, Spokesperson for the Office of the UN High Commissioner for Human Rights, made the following announcement on the Office’s opening of a new mission in Bangladesh.
1
1
1
Edited News | OHCHR
“The surge in the number of Afghans forced or compelled to return to Afghanistan this year is creating a multi-layered human rights crisis requiring the urgent attention of the international community,” UN Human Rights spokesperson Ravina Shamdasani said on Friday.
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Chief Volker Türk on Friday called for accountability and justice for the killings and other gross human rights violations and abuses in the southern city of Suweida.
1
1
1
Edited News | OHCHR , UNHCR
Syria: hundreds killed in Sweida, ‘widespread’ violations as civilians flee for their lives
Amid violent clashes in southern Syria’s Sweida governorate, a picture of grave human rights abuses and rising humanitarian needs is emerging by the hour, the UN said on Friday.
1
1
1
Press Conferences | UNHCR , OHCHR
Rolando Gómez of the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, attended by spokespersons and representatives of the United Nations High Commissioner for Refugees and the Office of the High Commissioner for Human Rights.
1
1
Edited News | OHCHR , UNOG
At the bi-weekly press briefing in Geneva the UN Human Rights Spokesperson Liz Throssell made the following statement on the latest number of civilian casualties in Ukraine.
1
1
1
Edited News | OHCHR , UNOG
The UN Human Rights Office on Tuesday called for investigations into hundreds of killings of Palestinians in the occupied West Bank by Israeli security forces and settlers, warning against ongoing forced mass displacement of the Palestinian population.
1
1
2
Edited News | OHCHR , UNRWA
Nearly 900 people have been killed in Gaza in recent weeks trying to fetch food, with most deaths linked to private aid hubs run by the Gaza Humanitarian Foundation (GHF), the UN human rights office, OHCHR, said on Tuesday.
1
1
1
Press Conferences | UNOG , UNRWA , OHCHR , WHO
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 Office of the High Commissioner for Human Rights, the United Nations Relief and Works Agency, and the World Health Organization.