Global economy a mixed bag, horizon uncertain: UNCTAD

(United Nations News) The global economy is at “a critical juncture”, with some economies thriving and expanding, while others falter and slow down, the UN’s trade and development body said on Wednesday.

The UN Conference on Trade and Development (UNCTAD) reported that world economic growth is expected to decelerate from three per cent last year to 2.4 per cent through 2023, with limited signs of a rebound in 2024.  

These figures underscore the urgent need for reform of the global financial system, more practical policies to combat inflation, inequality, and sovereign debt, as well as enhanced oversight of critical markets.

Rebeca Grynspan, UNCTAD Secretary-General, emphasized the need to avoid past policy errors.  

“We need a balanced policy mix of fiscal, monetary and supply-side measures to achieve financial sustainability, boost productive investment and create better jobs. Regulation needs to address the deepening asymmetries of the international trading and financial system,” she said.

Read more at: United Nations News

Source: CARICOM TODAY