WAM
17 Sep 2023, 04:21 GMT+10
GENEVA, 16th September, 2023 (WAM) - As world leaders head to New York for the UN high-level week to discuss how to advance the Sustainable Development Goals (SDGs), a new World Economic Forum report highlights the challenges facing developing countries, with six in 10 economists surveyed warning of a deepening trade-off between development and climate action.
The latest Chief Economists Outlook, released today, also finds that over 60% of chief economists expect the global economy to weaken in the coming year amid uncertain domestic and international politics and unsettled financial markets. Although a large majority (86%) expects the recent global inflationary surge to ease, the prolonged tightening of financial conditions is expected to have lasting impacts, including a squeeze on business lending, increases in corporate debt defaults, and potential corrections in property and equity markets.
Developing countries face the most acute effects of these global headwinds, with chief economists warning that progress towards global development goals could be undermined by geopolitical tensions (74%) and tighter financial conditions (59%). This is particularly concerning with slowing progress in many areas of the SDGs, including food security, climate action and biodiversity protection. At the current pace, more than half a billion people will still live in extreme poverty in 2030.
A minority of chief economists expect increased cooperation (41%) and private capital flows (30%) between advanced and developing countries over the next three years. However, if flows of private capital can be unlocked, the economists are particularly optimistic about the potential positive impact on specific areas of development: digital transformation (97%), energy access and affordability (76%), food systems and nutrition (67%), and climate change, biodiversity loss and pollution (67%).
"The latest Chief Economists Outlook points to continuing weakness in the global economy," said Saadia Zahidi, Managing Director, World Economic Forum. "It also highlights the urgent challenges and trade-offs being faced by developing countries, and the need for innovation, cross-border investment and technology transfer to make growth, climate action and human development compatible."
Get a daily dose of Long Beach Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Long Beach Star.
More InformationWASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
EVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...