The Trade and Development Report 2024 forecasts that global gross domestic product (GDP) growth will be 2.7% in 2024 and 2025, marking the third consecutive year of growth below the 3% level, which was the pre-COVID-19 pandemic trend
At the regional level, South Asia demonstrates the most dynamic growth, while the three major global economic powers—China, the United States, and the European Union—are facing slowing or weakening growth trends
Despite being in the context of rapidly advancing technological revolution, the economic stimulus necessary to achieve the Sustainable Development Goals (SDGs) remains difficult to materialize, particularly in developing countries in the Global South, which face multiple negative factors including high debt burdens, capital and resource outflows, weak investment, and imposed fiscal austerity measures
Currently, only 1 out of 46 least developed countries is able to achieve the economic growth target of 7% per year as stipulated under the global goals
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