Macroeconomics

Targeted policy strategies and closer cooperation with other developing countries are essential to boosting the country’s resilience to economic shocks.

Stronger fiscal measures are needed to resuscitate the global economy and support the development agenda.

Delivering the 18th edition of UNCTAD’s Raúl Prebisch Lecture, he called for developing countries to be at the centre of solutions to the crisis.

By Richard Kozul-Wright, Director of UNCTAD's Division on Globalization and Development Strategies

As food becomes more expensive to import, it becomes even harder for developing countries to keep millions of people from going hungry.

Amid cascading crises and inequalities, developing countries face major challenges with a complex creditor base as borrowing burdens increase and risks of debt distress grow.

The climate emergency, a global cost-of-living crisis, debt distress, widening inequalities and other overlapping crises call for political leadership and multilateral action.

Projecting global growth slowing to 2.2% in 2023, UNCTAD outlines actions to avert crisis and support developing countries exposed to cascading crises of debt, health and climate due to inadequate financial support.

Commodity importers are hit hardest while fossil fuel exporters register temporary windfall gains.

Many economies of the region are facing growing pressure on their external debt positions and the rising cost of living is a growing challenge to policymakers.