• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Global economy slows on low trade, inflation

Economy

The Matters Press by The Matters Press
October 9, 2023
Reading Time: 2 mins read
0
Global economy slows on low trade, inflation

Global economic growth is projected to slow down from three percent in 2022 to 2.4 percent in 2023, says a UN report that partly attributes this to slow movement of goods and services.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The UN Conference on Trade and Development (UNCTAD) in its Trade and Development Report 2023 also says workers are unlikely to get a pay raise this year as wages and salaries have failed to keep up with inflation.

The report released on October 4 calls for a change in policy direction and accompanying institutional reforms promised during the Covid-19 crisis to avert a lost decade.

“There are five messages that we want to emphasise from the report. The first message is that the global economy is slowing down, this is despite the good news of the unexpected soft landing of the US economy this year. But the prospects of accelerating growth in the coming years are very slim,” said Rebeca Grynspan, UNCTAD secretary-general during a virtual press conference.

“The second message is that debt is a problem and that a lot of the developing countries are in a debt and development crisis. And debt has to be part of the discussion at the international level to be able to find the right solutions for restructuring debt in many developing countries, including middle income countries.”

Rising interest rates, weakening currencies and sluggish export growth have combined to squeeze the fiscal space for essential needs.

Investment is also weak in the face of falling credit, Grynspan said, and there are worries about the market concentration and lack of competition in financialisation of trade in important markets like energy, food, pharmaceuticals and digital.

“The question of where the new sources of growth will come from has to be addressed,” she said.

The report warns that the prospect of meeting the sustainable development goals by 2030 is fading as a combination of rising interest rates, weakening currencies and slowing export growth squeezes the fiscal space needed for governments to fight climate change and provide for their people.

As part of the recommendations to fix the global ailing economy, Grynspan proposed that interest rates should not be the only instrument being used to turnaround the economy.

The report calls for a change in policy direction – including by leading central banks– urging global financial reforms; more pragmatic policies to tackle inflation, inequality and sovereign debt distress; stronger oversight of key markets and reform of the international financial system.

The UNCTAD boss called for the revision of the inflation target of two percent.

“That could mean collateral damage if not revised, especially for the developing countries, but also for the long-term financial stability in the developed world,” she warned.

It would be the instruments to face the liquidity problems, the investment scale that is needed from the multilateral development banks, and, as I said before, a permanent mechanism to deal with the debt problem in the developing countries,” she explained.

The EastAfrican

Tags: Economy
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021

Excitement as World Bank/IMF hold meetings in Marrakech

Nigeria plans to increase petrol pump price despite spike in inflation, unemployment

Fuel queues reappear in Abuja

Recommended Stories

$2.7b Ibom Deep Seaport ready soon

Amaechi wants Lekki Deep Seaport commissioned in July

January 23, 2022
Marketers hail unveiling of new NNPC

NNPC attributes increase in petrol price to market realities

July 19, 2023
Africa-Europe Alliance presents progress report

Research is panacea for Africa’s economic diversification – ECA

February 27, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us