2025: Amidst uncertainty, global economic growth is expected to slow to 2.8 percent

The United Nations Office for Economic and Social Affairs (DESA) on Thursday published its annual report titled ‘World Economic Situation and Prospects 2025’. The report shows that the world economy has faced a series of challenges, but its momentum has slowed down. and now remains lower than the pre-pandemic annual average of 3.2 percent. UN Secretary-General António Guterres, in his proposal for the report, called for global economic growth to be tackled by the challenges facing the global economy. There is a call for decisive action. “Countries cannot ignore these risks. In our interconnected economy, shocks felt on one side lead to price spikes on the other. Every country is affected and has to be part of the solution.” Region wise situation: uneven performance The rate of economic growth in the United States is projected to decline from 2.8 percent in 2024 to 1.8 percent this year. The reason for this is the slowdown in the labor market and slow pace of consumer spending. There is hope of slight improvement in the economic situation in Europe. The growth rate of GDP in 2024 was 0.9 percent, which can reach 1.3 percent in 2025. In the European region, inflation has moderated and labor markets are performing strongly, but trends such as weak productivity and an aging population are weighing on the economic outlook. In East Asia, economic growth is expected to be 4.7 percent this year. is estimated to be 4.8 per cent, which is largely dependent on the economic performance of China, where growth is expected to be 4.8 per cent. South Asia is expected to be the region with the fastest growing economy. , where GDP growth is expected to be 5.7 percent in 2025, which will be led by India with a growth of 6.6 percent. Also, the situation has improved in Bhutan, Nepal, Pakistan and Sri Lanka. However, there is a decline in external demand in the region, debt challenges persist and there is also a risk of social unrest. The pace of Africa’s economy may increase from 3.4 percent last year to 3.7 percent this year, due to which Egypt, Nigeria And there is improvement recorded in South Africa. But uncertainty remains over the region’s economic prospects due to violent conflict, high debt costs and climate challenges. Global trade is projected to expand 3.2 percent this year, driven by strong exports from Asia and a surge in services trade. It will be possible. There is a possibility of some reduction in inflation across the world, and it may come down to the figure of 3.4 percent, which will Businesses and households are expected to get relief. Challenges facing developing countries: Inflationary pressure is expected to persist in many developing countries, and one in five countries may have to deal with double-digit inflation. Recovery will continue to be hampered by high debt burdens and limited access to international financing. Food inflation is also a major issue, and nearly half the In developing countries it remains above five percent. This has deepened food insecurity, especially in low-income countries that are already struggling with extreme weather events, violent conflict and economic instability. The report warns that food inflation is at risk for sustainability and economic growth. A slowdown in GDP growth could push millions of people into poverty. Calls for multilateral action: The report calls for multilateral action to address global issues including debt, inequality and climate change. Governments have been urged to focus on large-scale investments in clean energy, infrastructure, and key social sectors, including education and health. Strong international cooperation is considered vital to better manage risks and economic opportunities, ensuring sustainable and equitable benefits for developing countries.

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