Press Briefing on the launch of the World Economic Situation and Prospects as of mid-2017

A press statement regarding the launch of the report World Economic Situation and Prospects was released by the Department of Economic and Social Affairs (DESA) today. The latest report presents bad news on the world’s progress toward achieving some of the major Sustainable Development Goals (SDGs) outlined in the 2030 Agenda

Regarding the world’s GDP growth, Diana Alarcón and Dawn Holland of DESA presented it was forecasted to rise by 4.7 per cent and 5.3 per cent in 2017 and 2018 respectively, which is significantly below the SDG target of at least 7 percent. The report warns that under the current growth trajectory without a decline in income inequality, 35 percent of the population in Least-Developed Countries (LDCs) will remain in extreme poverty by 2030.

Concerning world trade, it has begun to rebound from the 2008 global financial crisis. However, it is mainly due to the rising import demand and contribution of East Asia and South Asia. On the contrary, the rise in commodity price driven by conflict and domestic pressure in Latin America and Africa is not yet resolved.
Apart from the income and trade targets, Alarcón and Holland said the report also identified some positive elements in the environmental area. For example, the emission of carbon dioxide (CO2) has been reduced while the use of renewable energy has increased. However, they remarked that the trend could be easily reversed should the major CO2 emitting countries demonstrate faster growth, and the public and private sectors do not continue to support the use of renewable energy.
Addressing the overall lack of progress, Alarcón and Holland explained that political actors played a significant role. Among others, they particularly pointed toward the high level of uncertainties in international policies, such as the recent renegotiations of trade relations in the United States and Europe, financial market relations, and Brexit.

Meeting: Press briefing by the Department of Economic and Social Affairs (DESA) on the launch of the World Economic Situation and Prospects as of mid-2017
Date/Location: Tuesday, May 16, 2017; 11:00-11:30; Press Briefing Room, S-237, United Nations Headquarters, New York, NY
Speakers:
Diana Alarcón, Chief, Global Economic Monitoring Unit, Development Policy and Analysis Division, Department of Economic and Social Affairs (DESA), United Nations;
Dawn Holland, Senior Economic Affairs Officer, Global Economic Monitoring Unit, Development Policy and Analysis Division, DESA, United Nations
Written By: WIT Representative Jadice Lau

Edited By: Fred Yonghabi

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