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Modest economic growth not an indication of revived global demand – UN report

Modest economic growth not an indication of revived global demand – UN report

India Blooms News Service | | 18 Jan 2017, 08:00 am
New York, Jan 18 (Just Earth News): A modest global recovery is projected for 2017-18 should be seen as more of an indication of economic stabilization than a signal of a robust and sustained revival of global demand, a new United Nations economic report has found.

According to the UN flagship World Economic Situation Prospects 2017 report (WESP), the world economy expanded by just 2.2 per cent in 2016, the slowest rate of growth since the 2009 global recession. World gross product is projected to grow by 2.7 per cent in 2017 and 2.9 per cent in 2018, a slight downward revision from the forecasts made last May.

It notes that while developing countries continue to be the main drivers of global growth, accounting for about 60 per cent of the world's gross product growth in 2016-18, Gross Domestic Product (GDP) growth in least developed countries is anticipated to remain well below the Sustainable Development Goal 8 (SDG8) on promotion of sustained, inclusive and sustainable economic growth target of at least seven per cent (target 8.1).

“Under the current growth trajectory and assuming no decline in income inequality, nearly 35 per cent of the population in [least developed countries] may remain in extreme poverty by 2030,” read a news release on Tuesday announcing the report.

Further, noting the urgency of efforts rectify the situation, Lenni Montiel, Assistant Secretary-General for Economic Development at the UN Department of Economic and Social Affairs (DESA) called for “redoubling the efforts to bring the global economy back on a stronger and more inclusive growth path and create an international economic environment that is conducive to sustainable development.”

DESA, together with UN Conference on Trade and Development (UNCTAD), the World Tourism Organisation (UNWTO) and the five UN regional commissions – Economic Commission for Africa (ECA), Economic Commission for Europe (ECE), Economic

Commission for Latin America and the Caribbean (ECLAC), Economic and Social Commission for Asia and the Pacific (ESCAP) and Economic and Social Commission for Western Asia (ESCWA), authored the report.

Weak investment and productivity growth a major cause of slowdown

The report noted that many economies had experienced a marked downturn in private and public investment in recent years. This combined with labour productivity growth slowed markedly in most developed economies and in many large developing and transition economies.

It also stressed the need of investing new capital as a driver of technological change and efficiency gains.

In particular, WESP concluded that investment in key areas, such as research and development, education and infrastructure, can promote social and environmental progress, while also supporting productivity growth.

Some positives in relation to environmental sustainability

Noting that the level of global carbon emissions had stalled for two consecutive years, the report said that this was an indication of declining energy intensity of economic activities and the rising share of renewables in the overall energy structure.

The report also found that renewable energy investment in the developing countries exceeded that of the developed countries in 2015.

It, however, cautioned that without concerted policy efforts from both the public and private sector, the recent improvements in emissions mitigation could easily reverse.

Amid challenges, a more balanced policy approach needed

In the context of a challenging economic and financial environment, the report advocated for a more balanced policy approach to not only restore a healthy medium-term growth trajectory, but also to achieve greater progress on sustainable development.

“The global economy needs policy measures that move beyond demand management,” on Tuesday's news release noted, urging for these measures to be “fully integrated with structural reforms that target the various aspects of sustainable development, including poverty, inequality and climate change.”

The report also called for greater international policy cooperation and coordination, particularly in the areas of trade and investment.

Photo: World Bank/Scott Wallace

 

Source: www.justearthnews.com

 

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Erdogan's Turkey turns Hagia Sophia into a mosque again; UNESCO regrets #HagiaSophia, #Turkey, #Istanbul, #HagiaSophiaMosqueAgain Istanbul/IBNS: Hagia Sophia, Turkey's iconic monument, a UNESCO World Heritage and one of the central attractions of its capital Istanbul, is no longer a museum. It has been turned back as a mosque though some 1500 years ago it was built as an Orthodox Christian cathedral. Hagia Sophia was converted into a mosque during the Ottoman time in 1453 while under Ataturk it was turned into a museum in 1935. The decision comes amid a growing rise of the Islamists in Turkey who had been demanding that it be restored as a mosque though Opposition leaders with secular credentials had been against the move. A top court in Turkey ruled that turning it into a museum in 1935 by modern Turkey's secular architect Mustafa Kemal Ataturk was illegal, paving the way for present Turkey president Recep Tayyip Erdogan to declare it as a mosque again and to open it for Muslim prayers. Erdogan made the announcement an hour after the court ruled the conversion to museum in 1935 as illegal and scrapped its status. "May it be beneficial," posted Erdogan on Twitter, sharing an official document on the change with his signature. UNESCO regrets In an immediate reaction, UNESCO said it "deeply regrets" the decision. UNESCO said it was "regrettable that the Turkish decision was not the subject of dialog nor notification beforehand". "UNESCO calls on the Turkish authorities to open a dialog without delay in order to avoid a step back from the universal value of this exceptional heritage whose preservation will be reviewed by the World Heritage Committee in its next session," the United Nation's cultural body said in a statement. Istanbul icon of beauty and wonderment According to Turkey's official tourism website, Hagia Sophia is a remarkable achievement in the history of architecture. and a living proof of mankind's revolt against the laws of physics and it calls it a monument whose importance transcends borders. It is one of UNESCO's World Cultural Heritage sites attracting millions of visitors across the world with its majestic grandeur

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Erdogan's Turkey turns Hagia Sophia into a mosque again 11 Jul 2020, 01:37 pm