The global economy seems to be improving as 2024 begins, but caution is in order. The World Bank's indicates that growth is expected to decelerate for a third year in a row. The 2020s are shaping up to be an era of wasted opportunity, with the weakest global growth performance of any half-decade since 1990. The end of 2024 will mark the halfway point of what was supposed to be a transformative decade for development-one that would eliminate extreme poverty, eradicate major communicable diseases, and nearly halve greenhouse gas emissions. Weak economic growth threatens to undermine many global requirements, making it harder for developing countries to generate the investment needed to tackle climate change, improve health and education, and meet other key priorities.
Economic Development
We are on the verge of a technological revolution that has the potential to increase productivity, global growth, and income around the world. However, it may also result in job loss and worsen inequality. According to a new from the International Monetary Fund (IMF), almost 40% of jobs globally are exposed to AI. In advanced economies, about 60% of jobs may be impacted by AI, while in emerging markets and low-income countries, that exposure is expected to be 40% and 26% respectively. While many jobs may benefit from AI integration, some jobs may disappear and lead to lower wages and reduced hiring. In developing economies, the risk of technology worsening inequality among nations is higher due to a lack of skilled workforce and infrastructure.
Well-informed policy decisions are needed in shaping AI's impact on productivity growth, the labor market, and industrial concentration.
The project has effectively reduced greenhouse gas emissions and promoted green technologies in 55 factories and SMEs, leading to a boost in productivity.
Global regulators will ignite discussions on the future of vehicle safety and emissions at the upcoming session of the in Geneva (9-12 January). The is one of the subsidiary bodies of the UNECE's World Forum for Harmonization of Vehicle Regulations, which is responsible for setting global automotive standards for vehicle safety and emissions. Follow the for updates on the Working Party's progress and to learn more about its work in shaping the future of environmentally friendly transportation.
Cheshma Shirin is a village in Afghanistan where Fatema and her three children live. She weaves wire mesh for gabions to protect the village from flooding and erosion. It is a necessary skill in an area that has suffered from increasingly extreme weather, with floods and droughts affecting the villages. Fatema learned this skill through an Emergency Food Security project funded by the and the (FAO), which provides essential livelihood support, health services, and food assistance to the people of Afghanistan. The project complements other FAO programmes aimed at long-term recovery and resilience-building.
The escalation of hostilities in Gaza is continuing to have grave repercussions on lives and livelihoods, with cascading implications for the labour market.
2023 is the year of inequality and it’s been made tougher by the compounding threats of climate change, fragility, conflict and violence, and food insecurity.
Reaching our climate goals requires huge investments, and every part of the finance sector plays a significant role in achieving them. This is why the has launched the first of its kind, involving public finance institutions via export credit agencies. The alliance is committed to supporting initiatives that promote a net-zero greenhouse gas emission by 2050, in line with a 1.5°C world. The announcement coincides with a thematic at COP28, which promotes a sustainable future with diverse public and private finance solutions.
New data released by highlights the limitations of Gross Domestic Product (GDP) as an all-encompassing metric for progress, underscoring that higher economic output doesn’t equate to more inclusive and sustainable growth.
Cities, towns and surrounding areas act as powerful magnets for innovation, culture and opportunities, alluring talent and investment. Urban living has already been embraced by more than half of the world's population, and projections indicate that . Urban areas can also be an inequality trap, with overcrowding, pollution, poor infrastructure and social injustice. While there isn't a one-size-fits-all formula for attaining sustainable urban development, the UN’s offers guidance and strategy. When the urban landscape is well planned and managed, it can be a transformative force to accelerate the SDGs.
is increasing access to educational and training opportunities, income-generating activities, gender-sensitive health services and safe drinking water for women living in rural areas across Africa.
Agriculture, energy and mining can leave an economy vulnerable and people poor, especially in developing countries.
The global economy is at a crossroads, where divergent growth paths, widening inequalities, growing market concentration, and mounting debt burdens cast shadows on its future.
Over the last six months, on nearly 50 SDG indicators across 90 countries. underscores the pressing need for swift and targeted action.