The Trade and Development Report 2024 forecasts global growth in gross domestic product of 2.7 per cent for 2024 and 2025, marking three consecutive years below the 3 per cent pre-pandemic growth trend. Regionally, South Asia displays the most dynamic growth. The three major powers of the global economy – China, the United States of America and the European Union – are on decelerating or weakened growth trajectories. Despite the context of a turbocharged technological revolution, the much-needed acceleration in economic activity to achieve the Sustainable Development Goals remains elusive for many countries in the global South trapped by a confluence of high debt burdens, financial and resource outflows, weak investment and enforced austerity. Only 1 of the 46 least developed countries is currently meeting the promise of a 7 per cent annual growth target under the global Goals.
