13 December 2017 - The 2018 World Economic Situation and Prospects (WESP) report was presented on 11 December 2017 by Liu Zhenmin, United Nations Under-Secretary-General of the Department of Economic and Social Affairs, at a press briefing at United Nations Headquarters in New York. The report outlines prospects for the global economy in the upcoming years. The report focuses on the ways in which a fairer globalization can be achieved through public policies.
According to the WESP report, the?world economy has strengthened even though the recovery from the 2008-2009 global financial crisis has been uneven around the world. The WESP report forecasts that all developing regions will record positive labour productivity growth in 2018.??
The WESP report notes, however, that a stronger global economic growth can do little on its own to help those afflicted by conflict situations, which afford little scope for meaningful progress towards sustainable development. The positive global economic situation could provide an opportunity for countries to focus policies on longer-term issues such as low carbon economic growth, reducing inequalities, economic diversification and eliminating deep-rooted barriers that hinder development.
One of the potential costs of the acceleration in economic growth is the degradation of the environment that it could cause. The WESP report observes that emissions from international shipping and aviation¡ªsectors that are not in the?purview?of the 2015 Paris Agreement¡ªhave increased faster than those from road transport over the past 25 years. This underscores the need to transition to forms of sustainable energy.
The WESP report results from a collaborative effort by the United Nations Department of Economic and Social Affairs, the United Nations Conference on Trade and Development, the five United Nations regional Economic Commissions and the World Tourism Organization. The WESP report helps policymakers address some of the issues that continue to impede progress towards sustainable development and supports policies in favor of strengthening the environmental quality of economic growth, making economic growth more inclusive and tackling institutional deficiencies.
Read the full WESP report here.?