Trade and Development Report 2023

• As per the UN’s latest Trade and Development Report 2023, the world economy growth is projected to be 2.4%.
• It has been published by the United Nations Conference on Trade and Development (UNCTAD).
• In 2023, there will be a global recession, like that in 2009. And it may continue in 2024 as well.
• UNCTAD has termed this growth as “stalled speed”.
  • A global recession is defined as when the growth rate hits 2.5 per cent and below.
  • According to the latest projection of UNCTAD, in 2024 the growth rate will have an insignificant increase to hit 2.5 per cent.
• The UNCTAD report has attributed this recession, after the contraction in pandemic years, to unprecedented growing inequalities and uneven growth among various regions.

FINDINGS ABOUT INDIA

• UNCTAD revises India’s 2023 economic growth forecast to 6.6%, up from the previous estimate of 6%.
• Predicts a slight decline in India’s growth to 6.2% for the year 2024.
• For India, the growth registered is mostly driven by government spending and supporting external trade situations.
• But its major concern is the “historic” unemployment rate of 8.5 per cent in June 2023.

ABOUT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (UNCTAD)

• Established– 1964
• UNCTAD is a permanent intergovernmental body aimed to promote development-friendly integration of developing countries into the world economy.
• HQ- Geneva, Switzerland
• Member- 195 including India
• UN General Assembly is the parent Organisation.
• Some of the other reports published by it are: World Investment Report, Information and Economy Report, Technology and Innovation Report, Commodities and Development Report.