Global economic slowdown headed for worst phase in three decades by 2030: WEF Study.
Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on January 15.
The 54th annual meeting of the World Economic Forum (WEF) is scheduled to occur from January 15 to 19, 2024 at the local Swiss Alpine School in the center of Davos.
Releasing the Future of Growth Report 2024 ahead of its annual meeting of world leaders, the World Economic Forum (WEF) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development
Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability.
The WEF also launched its ‘Future of Growth’ initiative, a two-year endeavour aimed at charting a new narrative for economic growth and supporting policymakers from around the world, together with economists and other experts, in identifying the best pathways in balance growth, innovation, inclusion, sustainability, and resilience goals.
The report said that most countries continue to grow in ways that are neither sustainable nor inclusive. They are limited in their ability to absorb or generate innovation and minimise their contribution and susceptibility to global shocks.
