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HomeGlobal Perspective & Critical ResearchWorld Economic Situation and Prospects 2020

World Economic Situation and Prospects 2020

Author: United Nations

Affiliation: International NGO

Organization/Publisher: United Nations 

Date/Place: 2020, New York, U.S. 

Type of Literature: Report 

Number of Pages: 236

Link:https://www.un.org/development/desa/dpad/wp-content/uploads/sites/45/WESP2020_FullReport.pdf

Keywords: Global Economics, Development Economics, Developments Goals, SDGs

Brief:

This report was produced by multiple United Nations Commissions as well as the International Labor Organization (ILO). This joint effort reflects the importance and in-depth presentation the report offers. The report gives prospects for the world’s economy including: global growth, inflation, labor markets, poverty and wellbeing, trade and prices, financial vulnerabilities, risks in trade and geopolitics, as well as monitory and fiscal policy. The report goes further to cover macroeconomic prospects and the 2030 agenda that covers rapid energy transition and the socioeconomic implications. There are resourceful countries, the powerful, and some possessing both power and resources but all nations depend on each other despite the nature of dependency. Finally, the report covers regional developments and outlooks. Major developed economies, economies in transition, and developing countries are reflected in the report. Report highlights include: 1) Slower world growth threatens to set back sustainable development efforts, 2) Risks are strongly tilted to the downside, 3) Fundamental macroeconomic challenges impede robust and inclusive growth, 4) A more balanced economic policy mix is urgently needed, 5) The global growth slowdown is largely attributed to weaker trade and investment activity, 6) The challenging global environment and policy uncertainty weigh on the outlook for developing countries, 7) Many commodity-dependent countries are still suffering from the downturn in prices, 8) Tackling inequality in income, wealth, and opportunities will require significant structural change. “Key elements are a progressive fiscal structure, a sound social protection system, labor market policies that provide an adequate supply of quality employment, and measures to broaden access to education, health care and jobs.” In conclusion, a one-line summary of the report’s outcome would be that “the broad-based deterioration of global economic prospects may cause setbacks in the pursuit of development goals.”  

By: Abdalrahman Migdad, CIGA Research Fellow

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