Wahyu Dwi Anggoro
IDXChannel - The United Nations Conference on Trade and Development (UNCTAD) has warned of a stalling global economy, with growth slowing in most regions from last year and only a few countries bucking the trend.
According to its Trade and Development Report 2023, released today, world economic growth is projected to slow from 3% in 2022 to 2.4% in 2023. While Brazil, China, Japan, Mexico and Russia will buck the trend, they are not expected to grow strongly.
Inflation has come down from the highs of late 2022, but it’s a slow and halting descent, largely due to the easing of supply-side pressures. Tighter monetary policy has so far contributed little to ease prices and has come at a steep cost in terms of inequality and damaged investment prospects.
"To safeguard the world economy from future systemic crises, we must avoid the policy mistakes of the past and embrace a positive reform agenda," UNCTAD Secretary-General Rebeca Grynspan said in a media release on Wednesday (4/10/2023).
He called for a change in policy direction, including by leading central banks, and accompanying institutional reforms promised during the Covid-19 crisis to avert a lost decade.
