The WESP report on Global Growth

Press conference by Mr. Li Junhua, Under-Secretary-General for Economic and Social Affairs, Mr. Shantanu Mukherjee, Director, Economic Analysis and Policy Division at UN DESA and Mr. Hamid Rashid, Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division at UN DESA, on the launch of the World Economic Situation and Prospects (WESP) report 2025. The WESP report will also be launched regionally in Bangkok, Beirut, Geneva, Mexico, Moscow and New Delhi in early January. --- According to a UN flagship report released today (9 Jan), the global economic growth is projected to remain at 2.8 percent in 2025, unchanged from this past year. The World Economic Situation and Prospects (WESP) 2025 report shows that despite withstanding a series of mutually reinforcing shocks, global economic growth has stagnated and remains below the pre-pandemic annual average of 3.2 percent. The report produced by the UN Department of Economic and Social Affairs (DESA), highlights the enduring impact of weak investment, sluggish productivity, and high debt levels on global economic performance. It also underscores the importance of global cooperation and prudent policies to lift growth and place it on a stable and equitable pathway that can accelerate progress towards the SDGs. Talking to the press today, Li Junhua, UN Under-Secretary-General for Economic and Social Affairs, said, “Our current assessment indicates that the world economy has largely avoided a broad-based contraction despite the unprecedented shocks of the last few years, and the most prolonged period of monetary tightening in recent history. For 2025, we project a global growth of 2.8 percent, similar to 2024. Lower inflation, monetary easing, and the recovery of international trade underpin this relatively stable outlook.” He added, “Nevertheless, we note that this rate remains well below the pre-pandemic average of 3.2 percent, recorded over 2010-2019. The recovery remains uneven, driven primarily by a few large economies. Subdued growth prospects pose significant challenges, particularly for developing countries.” This year’s thematic chapter takes a deep dive into the subject of critical minerals for the energy transition that can ramp up climate action while presenting opportunities for many developing countries to create jobs, generate public revenues and reduce poverty and inequality. He said, “Addressing debt challenges, curbing illicit financial flows and strengthening domestic resource mobilization can increase the public revenues for investing in the SDGs. For many countries, the rising global demand for minerals critical for the energy transition presents a unique opportunity to stimulate growth, create jobs, and reduce poverty and inequality.” Such favorable outcomes are not inevitable, however, and need coherent national policies as well as international support to become possible. Li Junhua concluded, “Urgent actions are needed to address the debt sustainability challenges in many countries; to close the gaps in technology, financing, and infrastructure that hinder equitable growth; and to ensure that an accelerated energy transition reduces climate risks for all. The challenges we face are complex, but the solutions are within our reach – if we work together. Alberta Premier Danielle Smith holds a news conference in Calgary to discuss the establishment of a new working group between the provincial government and Enbridge with the aim moving more Alberta oil and gas across Canada and to the United States. She is joined by Enbridge CEO Greg Ebel. Working with Enbridge to develop opportunities to expand the company’s footprint and increase global market access is aligned with the Alberta government’s goal of doubling oil and gas production. Responding to questions from reporters, Smith comments on Justin Trudeau’s announcement that he intends to step down as prime minister and federal Liberal leader. Premier Smith also discusses the need for a concerted approach to respond to U.S. President-elect Donald Trump’s threat to impose a 25 per cent tariff on all imports from Canada. n many countries of the Northern Hemisphere, trends in acute respiratory infections increase at this time of year. These increases are typically caused by seasonal epidemics of respiratory pathogens such as seasonal influenza, respiratory syncytial virus (RSV), and other common respiratory viruses, including human metapneumovirus (hMPV), as well as mycoplasma pneumoniae. Many countries conduct routine surveillance for acute respiratory infections and common respiratory pathogens. Currently, in some countries in the temperate Northern hemisphere, influenza-like illness (ILI) and/or acute respiratory infection (ARI) rates have increased in recent weeks and are above baseline levels, following usual seasonal trends. Seasonal influenza activity is elevated in many countries in the Northern hemisphere. Where surveillance data is available, trends in RSV detections currently vary by region with decreases reported in most regions except in North America. Recently, there has been interest in hMPV cases in China including suggestions of hospitals being overwhelmed. hMPV is a common respiratory virus found to circulate in many countries in winter through to spring, although not all countries routinely test and publish data on trends in hMPV . While some cases can be hospitalized with bronchitis or pneumonia, most people infected with hMPV have mild upper respiratory symptoms similar to the common cold and recover after a few days. Based on data published by China, covering the period up to 29 December 2024, acute respiratory infections have increased during recent weeks and detections of seasonal influenza, rhinovirus, RSV, and hMPV, particularly in northern provinces of China have also increased. The observed increase in respiratory pathogen detections is within the range expected for this time of year during the Northern hemisphere winter. In China, influenza is the most commonly detected respiratory pathogen currently affecting people with acute respiratory infections. WHO is in contact with Chinese health officials and has not received any reports of unusual outbreak patterns. Chinese authorities report that the health care system is not overwhelmed and there have been no emergency declarations or responses triggered. WHO continues to monitor respiratory illnesses at global, regional and country levels through collaborative surveillance systems, and provides updates as needed.Become a supporter of this podcast: https://www.spreaker.com/podcast/policy-and-rights--3339563/support.