Wahyu Dwi Anggoro
IDXChannel - Global economic growth is projected to slow from an estimated 2.7% in 2023 to 2.4% in 2024, trending below the pre-pandemic growth rate of 3.0%, according to the United Nations (UN) World Economic Situation and Prospects (WESP) 2024.
The UN’s flagship economic report presents a sombre economic outlook for the near term. Persistently high interest rates, further escalation of conflicts, sluggish international trade, and increasing climate disasters, pose significant challenges to global growth.
The prospects of a prolonged period of tighter credit conditions and higher borrowing costs present strong headwinds for a world economy saddled with debt, while in need of more investments to resuscitate growth, fight climate change and accelerate progress towards the Sustainable Development Goals (SDGs).
“2024 must be the year when we break out of this quagmire. By unlocking big, bold investments we can drive sustainable development and climate action, and put the global economy on a stronger growth path for all,” said Antonio Guterres, UN Secretary-General, in a media release on Thursday (4/1/2024).
“We must build on the progress made in the past year towards an SDG Stimulus of at least USD500 billion per year in affordable long-term financing for investments in sustainable development and climate action," he added.
