World economic growth is forecast to decelerate to 2.4 per cent this year – marking recession in the global economy – from 3 per cent in 2022 as deepening inequalities, mounting debt and uneven post-Covid recovery take hold.
All regions, except for east and central Asia, are expected to post slower growth this year compared to 2022, with Europe registering the largest drop, the UN Conference on Trade and Development (Unctad) said on Wednesday in its report.
The projection for modest growth of 2.5 per cent next year depends on the eurozone's recovery and the avoidance of adverse shocks by other leading economies, it said in the report titled Growth, Debt, and Climate: Realigning the Global Financial Architecture.
Global economic growth is unlikely to rebound sufficiently to pre-pandemic levels, which means urgent needs such as food security, social protection and climate change are at risk of being shelved, the UN body warned.
Growing inequalities within countries are weakening global demand, holding back investment and limiting growth, it said.
"There is no clear driving force to propel the world economy on to a robust and sustainable recovery track," Unctad said.
"Without decisive action, the fragility of the global economy and an array of diverse shocks risk evolving into systemic crises. Policymakers must navigate these challenges on multiple fronts to chart a more robust and resilient trajectory for the future."
Decelerating economic growth in 2023 and 2024, which is set to fall below the average for the five-year pre-pandemic period in all regions except Latin America, is "of particular concern" given the ambitious development and climate targets set by the international community with a 2030 delivery date, Unctad said.
Global trade in goods and services is forecast to grow about 1 per cent in 2023, significantly below world economic output growth, according to the report.
This is also lower than the average growth registered during the past decade, itself the slowest average growth period for global trade since the end of the Second World War.
"A significant reshaping of world trade, including the restructuring of global supply chains, is under way. Navigating this transformation poses major challenges to most developing economies at a time when their prospects for economic growth are deteriorating, the investment climate is worsening and financial stresses are mounting," Unctad said.
Many developing countries could become caught in the crossfire of trade disputes or face growing pressure to take sides in economic conflicts they neither want nor need, the UN body warned.
The rise of protectionist unilateral trade measures can also hit developing economies’ exports and hinder their prospects for structural transformation.
Another major concern is the debt burden weighing on developing countries.
Low or lower middle-income "frontier economies" have been hit hardest, Unctad said.
External public and publicly guaranteed (PPG) debt in these economies has tripled in the past decade, straining public finances and diverting resources from critical development goals, a trend worsened by the shocks of the pandemic and climate change.
The PPG debt service surged for these countries from nearly 6 per cent to 16 per cent of government revenue in the decade following the global financial crisis.
Nearly a third of frontier economies are on the precipice of debt distress and urgent measures are needed to prevent more countries from reaching the brink of financial distress or tipping into default.
Unctad called for a reduction in inequality between countries and for major central banks to play a bigger role in creating stability in the global economy.
"We need a balanced policy mix of fiscal, monetary and supply-side measures to achieve financial sustainability, boost productive investment and create better jobs," Unctad's secretary general Rebeca Grynspan said.
"Regulation needs to address the deepening asymmetries of the international trading and financial system."
Unctad urged policymakers to adopt a policy mix prioritising the delivery of sustainable, investment-led growth and development.
Unctad recommended that central banks strengthen international co-ordination with a greater focus on long-term financial sustainability for the private and public sectors, and not just on price stability.
Investment in the energy transition in developing countries must be actively pursued, by making technology and finance available and affordable, it said. This requires stronger multilateral co-operation and appropriate agreements in the World Trade Organisation, the International Monetary Fund and the World Bank.
"In light of growing interdependencies in the global economy, central bankers should assume a wider stabilising function, which would help balance the priorities of monetary stability with long-term financial sustainability," Unctad said.
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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The specs: 2018 Volkswagen Teramont
Price, base / as tested Dh137,000 / Dh189,950
Engine 3.6-litre V6
Gearbox Eight-speed automatic
Power 280hp @ 6,200rpm
Torque 360Nm @ 2,750rpm
Fuel economy, combined 11.7L / 100km
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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THE BIG MATCH
Arsenal v Manchester City,
Sunday, Emirates Stadium, 6.30pm
KILLING OF QASSEM SULEIMANI
The cost of Covid testing around the world
Egypt
Dh514 for citizens; Dh865 for tourists
Information can be found through VFS Global.
Jordan
Dh212
Centres include the Speciality Hospital, which now offers drive-through testing.
Cambodia
Dh478
Travel tests are managed by the Ministry of Health and National Institute of Public Health.
Zanzibar
AED 295
Zanzibar Public Health Emergency Operations Centre, located within the Lumumba Secondary School compound.
Abu Dhabi
Dh85
Abu Dhabi’s Seha has test centres throughout the UAE.
UK
From Dh400
Heathrow Airport now offers drive through and clinic-based testing, starting from Dh400 and up to Dh500 for the PCR test.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
