The United Nations Conference on Trade and Development (UNCTAD) estimates that the global economic growth will be 2.7% this year.

The United Nations Conference on Trade and Development (UNCTAD) has released its latest "Trade and Development Report 2024," which forecasts a global economic growth rate of 2.7% for both 2024 and 2025, lower than the average growth rate of 3.0% between 2001 and 2019. The report emphasizes that the current sluggish global economic growth and weak investment and trade activities are exacerbating development inequalities among countries. Therefore, UNCTAD calls for a global re-examination of development strategies, reform of the international financial system, and strengthening of multilateral cooperation to provide tangible support for developing countries.

UNCTAD Secretary-General Rebeca Grynspan emphasizes that in the face of multiple crises such as high energy prices and the rise of protectionism, developing countries need to make difficult policy choices. She proposes that global development strategies need to be rethought, the international financial system needs to be reformed, and commitments to multilateralism need to be strengthened to provide substantial support for developing countries. Developing countries face both opportunities and challenges in the growth of South-South trade and green transitions, including slow global growth, financial instability, debt issues, and rapid changes in the global trade landscape.

The report also mentions that South-South trade has grown from $2.3 trillion in 2007 to $5.6 trillion in 2023. Developing countries can enhance their economic resilience through regional trade and integration agreements, as well as strategic industrial policies.