United Nations – Rethinking Development in the Age of Discontent

The October 2024 report by the United Nations Conference on Trade and Development (UNCTAD), titled "Rethinking Development in the Age of Discontent," calls for a fundamental reassessment of global development strategies amid slow growth, high debt, and weak investment and trade. The report highlights that global economic growth is projected to stagnate at 2.7% for 2024 and 2025, down from an annual average of 3.0% between 2011 and 2019. For developing economies, the slowdown is more acute, with growth falling from 6.6% between 2003 and 2013 to just 4.1% over the past decade. The report warns that this "new normal" of low growth is insufficient to address the economic, social, and environmental challenges facing developing countries, especially as their public debt rises. UNCTAD urges developing countries to prioritize economic resilience and diversification, moving beyond manufacturing-led export models. The report also calls for stronger multilateral action to improve tax cooperation, ensure an equitable energy transition, and build a development-focused global financial system.