Growth in Asia and the Pacific outperformed expectations in late 2023, reaching 5.0 percent for the year. Inflation has continued to decline, albeit at varying speeds: some economies are still seeing sustained price pressures, while others are facing deflationary risks.In 2024, growth is projected to slow modestly to 4.5 percent. …
The Indian economy is likely to grow at over 7 per cent in the coming years and is expected to become the third-largest economy in the world in the next three years, with a GDP of $5 trillion, driven by domestic demand along with supply-side measures such as investment in …
The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. If current trends …
Labour markets have shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remains uneven as new vulnerabilities and multiple crises are eroding prospects for greater social justice, according to a new International Labour Organization (ILO) report. The ILO’s World Employment and Social Outlook Trends: 2024 (WESO Trends) …
Global growth is expected to slow further this year, reflecting the lagged and ongoing effects of tight monetary policy to rein in inflation, restrictive credit conditions, and anemic global trade and investment. Downside risks include an escalation of the recent conflict in the Middle East, financial stress, persistent inflation, weaker-than-expected …
The renewables readiness assessment (RRA) for Burkina Faso identifies several drivers for the country to accelerate its energy transition. The renewable energy sector of Burkina Faso is considered to be a strategic priority for international co-operation and investment, for several reasons. These include the government’s strong commitment to the development …
Kenya’s economic performance strengthened in 2023 despite continued challenges, with real GDP growth accelerating from 4.8% in 2022 to an estimated 5% in 2023. This is according to the 28th edition of Kenya Economic Update (KEU) which adds that the improved growth performance is attributed to a strong rebound in …
Climate-induced disasters are causing increasingly frequent and intense economic damages, disproportionally affecting emerging markets and developing economies (EMDEs) relative to advanced economies (AEs). However, the impact of various types of climate shocks on output growth and fiscal positions of EMDEs is not fully understood. This research analyzes the macro-fiscal implications …
The Ethiopian economy relies predominantly on rainfed agriculture for income generation, export earnings, and rural livelihoods. However, the frequency and intensity of extreme ago-climatic events projected by climate scenarios suggest considerable and growing risks from climate change to the country’s agri-food systems and the overall economy. This study assesses the …
Progressive policies are critical to boost the socio-economic benefits of the energy transition and spread them broadly across the world, this new report released by the International Renewable Energy Agency (IRENA) ahead of the UN Climate Conference COP28 in Dubai finds. Volume 2 of IRENA’s World Energy Transitions Outlook 2023, …
This issue brief aims to highlight consumption-driven emissions inequities among income classes, both within and across nations. It examines a diverse range of developed and developing economies, accounting for approximately 81 per cent of global emissions, 86 per cent of the world's GDP, and 66 per cent of the global …
Projections for Africa’s average real GDP growth for 2023 and 2024 have been revised downwards. Growth is now projected at 3.4% in 2023 and 3.8% in 2024. These growth rates are lower than predicted in the 2023 AEO launched in May by 0.6 percentage points and 0.5 percentage points, respectively. …
The theme of the 2023 Economic Report on Africa is “Building Africa’s Resilience to Global Economic Shocks.” The report focuses on the impact of multiple and recurring global shocks on African economies. It examines how these shocks impede Africa’s prospects of reaching the targets set in the Sustainable Development Goals …
This report explores the potential socio-economic impacts of the energy transition in Egypt, and shows that a successful, just and inclusive energy transition in Egypt can bring about a brighter, more prosperous and healthier future for its citizens. Egypt is home to a population of around 110 million people, with …
The fourteenth edition of the South Africa Economic Update, Safety First: The Economic Cost of Crime in South Africa, discusses South Africa’s economic prospects and highlights the critical need to address the challenge of high crime, to reduce its adverse effects on the economy and society at large. South Africa's …
Climate finance is vital to combat the climate crisis. A new study shows that annual climate finance flows surpassed USD 1 trillion for the first time in 2021, six years after the Paris Agreement was adopted in 2015. However, flows must increase by at least five-fold annually by 2030 to …
This report builds on the analysis presented in IRENA’s World Energy Transitions Outlook to support energy transition planning and informed policy making in South Africa, and calls for a comprehensive policy framework that can advance the transition whilst safeguarding people, livelihoods and jobs. Over the past ten years, the Republic …
This report — the Central African Republic’s (CAR’s) first ever poverty assessment — draws on unparalleled microdata to propose practical strategies for lifting Central Africans out of poverty. Against the backdrop of a wide range of development challenges — including persistent low growth, conflict and displacement, andthe increasing threats posed …
This research focuses on climate change mitigation and adaptation in Ethiopia, estimating the costs of action and the benefits of a range of economic, social, and environmental impacts. Notably, it considers how climate change action, aiming to achieve the ambitious goal of net zero greenhouse gas (GHG) emissions by midcentury, …
According to the Togo Economic Update released by the World Bank, trade openness and increased private investment mobilization will be key to unlocking Togo’s growth potential. Titled Unlocking Togo’s Growth Potential, the report begins with an analysis of the performance of Togo’s economy, which has been buffeted by multiple shocks …
Sierra Leone’s economy experienced overlapping setbacks during 2022, as external spillovers from the Russian invasion of Ukraine aggravated domestic macroeconomic vulnerabilities. This led to high levels of inflation, a substantially weaker currency, greater imbalances in public finances, and lower foreign exchange reserves. GDP growth slowed in 2022 (from 4.1 percent …
