UN / WORLD ECONOMIC SITUATION AND PROSPECTS
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STORY: UN / WORLD ECONOMIC SITUATION AND PROSPECTS
TRT: 01:59
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 16 MAY 2023, NEW YORK CITY / FILE
SHOTLIST:
FILE – NEW YORK CITY
1. Wide shot, United Nations Headquarters
16 MAY 2023, NEW YORK CITY
2. Wide shot, speakers taking seat, press room
3. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
“On the surface, there is some improvement in our 2023 forecast from January: global growth is now expected to be about 2.3 percent, up from the 1.9 percent we were expecting then. And global inflation is projected to decline from 7.5 percent in 2022 to 5.2 percent in 2023. But behind these somewhat modest improvements lie less happy realities and causes for concern.”
4. Wide shot, journalists, press room
5. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
“The scarring from the pandemic, mounting debt vulnerabilities, the dimming prospects for investment, and the structural challenges that are still there, they raise the prospects of continuing sub-par growth, which is deeply damaging for the SDGs.”
6. Wide shot, speakers, press room
7. SOUNDBITE (English) Hamid Rashid, Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
“Upward revision that we have achieved, that we have seen, is mainly driven by strong household demand in the US, in Europe, and recovery in China, and this was rather unexpected. Household consumption has remained resilient over the first quarter of 2023, and that led to this upward revision. But there are also some new risks that emerged since our last report, namely the banking turmoil in the US that has created some uncertainty, or added more uncertainty, to the system’s global economic outlook.”
8. Wide shot, speakers, press room
9. SOUNDBITE (English) Hamid Rashid, Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
The picture is divergent for countries. There is not a one-size-fits-all here. You will see different paths, but overall, many of the developing countries remain extremely vulnerable in this environment.”
10. Wide shot, speakers, press room
STORYLINE:
According to a new UN report, prospects for a robust global economic recovery remain dim amid stubborn inflation, rising interest rates, and heightened uncertainties.
Instead, the world economy faces the risk of a prolonged period of low growth as the lingering effects of the COVID-19 pandemic, the ever-worsening impact of climate change, and macroeconomic structural challenges remain unaddressed, according to the World Economic Situation and Prospects as of mid-2023 released today (16 May).
According to the report, the world economy is projected to grow by 2.3 percent in 2023 (+0.4 percentage points from the January forecast) and 2.5 percent in 2024 (-0.2 percentage points), a slight uptick in the global growth forecast for 2023.
In the United States, resilient household spending has prompted an upward revision of the growth forecast to 1.1 percent in 2023.
The European Union’s economy—driven by lower gas prices and robust consumer spending—is projected to grow by 0.9 percent.
China’s growth this year is now forecast at 5.3 percent as a result of COVID-19-related restrictions being lifted.
But a somber picture remains.
Despite this uptick, the growth rate is still well below the average growth rate in the two decades before the pandemic of 3.1 percent.
For many developing countries, growth prospects have deteriorated amid tightening credit conditions and rising external financing costs.
In Africa, Latin America, and the Caribbean, GDP per capita is projected to increase marginally this year, reinforcing a longer-term trend of stagnating economic performance.
The least developed countries are forecast to grow by 4.1 percent in 2023 and 5.2 percent in 2024, far below the 7 percent growth target set in the 2030 Agenda for Sustainable Development.
TRT: 01:59
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 16 MAY 2023, NEW YORK CITY / FILE
SHOTLIST:
FILE – NEW YORK CITY
1. Wide shot, United Nations Headquarters
16 MAY 2023, NEW YORK CITY
2. Wide shot, speakers taking seat, press room
3. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
“On the surface, there is some improvement in our 2023 forecast from January: global growth is now expected to be about 2.3 percent, up from the 1.9 percent we were expecting then. And global inflation is projected to decline from 7.5 percent in 2022 to 5.2 percent in 2023. But behind these somewhat modest improvements lie less happy realities and causes for concern.”
4. Wide shot, journalists, press room
5. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
“The scarring from the pandemic, mounting debt vulnerabilities, the dimming prospects for investment, and the structural challenges that are still there, they raise the prospects of continuing sub-par growth, which is deeply damaging for the SDGs.”
6. Wide shot, speakers, press room
7. SOUNDBITE (English) Hamid Rashid, Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
“Upward revision that we have achieved, that we have seen, is mainly driven by strong household demand in the US, in Europe, and recovery in China, and this was rather unexpected. Household consumption has remained resilient over the first quarter of 2023, and that led to this upward revision. But there are also some new risks that emerged since our last report, namely the banking turmoil in the US that has created some uncertainty, or added more uncertainty, to the system’s global economic outlook.”
8. Wide shot, speakers, press room
9. SOUNDBITE (English) Hamid Rashid, Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division, United Nations Department of Economic and Social Affairs (UNDESA):
The picture is divergent for countries. There is not a one-size-fits-all here. You will see different paths, but overall, many of the developing countries remain extremely vulnerable in this environment.”
10. Wide shot, speakers, press room
STORYLINE:
According to a new UN report, prospects for a robust global economic recovery remain dim amid stubborn inflation, rising interest rates, and heightened uncertainties.
Instead, the world economy faces the risk of a prolonged period of low growth as the lingering effects of the COVID-19 pandemic, the ever-worsening impact of climate change, and macroeconomic structural challenges remain unaddressed, according to the World Economic Situation and Prospects as of mid-2023 released today (16 May).
According to the report, the world economy is projected to grow by 2.3 percent in 2023 (+0.4 percentage points from the January forecast) and 2.5 percent in 2024 (-0.2 percentage points), a slight uptick in the global growth forecast for 2023.
In the United States, resilient household spending has prompted an upward revision of the growth forecast to 1.1 percent in 2023.
The European Union’s economy—driven by lower gas prices and robust consumer spending—is projected to grow by 0.9 percent.
China’s growth this year is now forecast at 5.3 percent as a result of COVID-19-related restrictions being lifted.
But a somber picture remains.
Despite this uptick, the growth rate is still well below the average growth rate in the two decades before the pandemic of 3.1 percent.
For many developing countries, growth prospects have deteriorated amid tightening credit conditions and rising external financing costs.
In Africa, Latin America, and the Caribbean, GDP per capita is projected to increase marginally this year, reinforcing a longer-term trend of stagnating economic performance.
The least developed countries are forecast to grow by 4.1 percent in 2023 and 5.2 percent in 2024, far below the 7 percent growth target set in the 2030 Agenda for Sustainable Development.
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