WAM
17 Sep 2023, 08:51 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 Iraq Sun 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 Iraq Sun.
More InformationSTRASBOURG, France: The President of the European Parliament, Roberta Metsola, has voiced the legislative body's support for appointing a United ...
MURCIA, Spain: Authorities said a nightclub fire over the weekend in the southeastern Spanish city of Murcia killed 13 people ...
SAN FRANCISCO, California: To resolve a pending litigation with the Oregon affiliate of the International Container Terminal Services Inc (ICTSI), ...
PANAMA CITY, Panama: On September 30, the Panama Canal said that due to a drought that has reduced the supply ...
TRIPOLI, Libya: Italy and Libya resumed commercial flights for the first time in ten years on September 30, with flight ...
SAINT GEORGE, Maine: A fire destroyed several waterfront buildings in Maine on September 29, including an art gallery with several ...
JEDDAH, Saudi Arabia: As part of Riyadh's efforts to further Saudi Arabia's electrification drive, electric vehicle (EV) maker Lucid announced ...
ABU DHABI, 4th October, 2023 (WAM) -- A UAE company and a Swiss Technology provider have partnered to transform the ...
ABU DHABI, 4th October, 2023 (WAM) -- The Khalifa Fund for Enterprise Development and the UAE Independent Climate Change Accelerators ...
By Muhammad Aamir ABU DHABI, 4th October, 2023 (WAM) -- SAPAG VALVES, part of the IPI Group of France, has ...
ABU DHABI, 4th October, 2023 (WAM) -- Two French companies participating in the Abu Dhabi International Petroleum Exhibition and Conference ...
ABU DHABI, 4th October, 2023 (WAM) -- The Ministry of Industry and Advanced Technology (MoIAT) has announced the adoption of ...