Overview

The year 2023 is likely to be seen as an inflection point in a fragile and uneven global recovery, post-pandemic. The entire world economy, except for North Africa and Central and East Asia, has slowed since 2022. With projected growth in 2023 of 2.4 per cent, the world enters 2024 at “stall speed”, matching the definition of a global recession. Divergence of low growth trends between key regions, as well as within the BRICS countries (Brazil, the Russian Federation, India, China and South Africa) and the Group of Seven indicates that there is no clear driving force to propel the world economy onto a robust recovery track. Without adequate coordinated policy responses or mechanisms, today’s diverse and compounding shocks risk being transformed into tomorrow’s systemic crises. In the face of new challenges to the international political economy, this scenario is a threat to the multilateral system and to global economic stability. Policymakers need to engage on multiple fronts to chart a stronger, more resilient trajectory for the future.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Reduced Inequalities