World Economic Situation and Prospects 2019 Report and its findings

  1. World Economic Situation and Prospects 2019 Report produced annually by the UN Department of Economic and Social Affairs (DESA), the UN Conference on Trade and Development (UNCTAD) and the five UN regional commissions on global economic trend.
  2. The global economy will continue to grow at a steady pace of around 3 per cent in 2019 and 2020
  3. Global economic and social challenges are hampering movement towards SDG goals.
  4. In many developed countries, growth rates have risen close to their potential, while unemployment rates have dropped to historical lows, also several large developing countries saw a decline in per capita income in 2018.
  5. Among the developing economies, the East and South Asia regions show relatively strong growth trajectory.
  6. Parts of Africa, Western Asia, Latin America and the Caribbean will witness stagnated or marginally low income growth.
  7. Ongoing trend may disrupt economic activity like escalation of trade disputes, an abrupt tightening of global financial conditions, and intensifying climate risks.
  8. Efforts at achieving environmental sustainability and limiting global warming below 2°C as per Paris agreement are inadequate, resulting extreme weather events and damaging vital infrastructure and large-scale displacement of people.
  9. Faster economic growth and dramatic reductions in income inequality will be required to fight against poverty