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UNCTAD’s report reveals global growth will stagnate at 2.7% in 2024-2025, posing risks to development and climate goals while impacting the Global South’s debt levels and overall economic resilience.

The UAE is projected to see GDP growth of 3.3% in 2024 and 4.1% in 2025, driven by a robust non-oil sector, according to the World Bank’s latest MENA Economic Update released today.

Russia’s GDP grew by 4.2% in the first eight months of 2024, driven by expanding international trade and stronger economic partnerships with ‘friendly’ nations.

OPEC has revised its 2024 global oil demand growth forecast down by 106,000 barrels per day, citing weaker-than-expected demand in non-OECD regions, impacting overall oil demand.

WTO forecasts global merchandise trade growth of 2.7% in 2024 and 3.0% in 2025, citing easing inflation, declining interest rates, and risks from geopolitical tensions.

The IMF has reduced member borrowing costs by 36%, cutting annual surcharges by $1.2 billion. Five countries, including Argentina and Egypt, will benefit from the new policy starting November 1.

The EU imported €478 billion in high-tech products in 2023, with China and the US leading the list of suppliers. Exports grew by 3 percent, reaching €461 billion.

The Global Commission on Clean Energy, led by IEA, met at the G20 to discuss equitable, affordable transitions in energy, addressing key issues for fairer global policies.

The US economy added 254,000 jobs in September, beating projections of 140,000. The unemployment rate dipped to 4.1%, showing continued strength in the labor market.

IFC secured $56B in financing in 2024, allocating 40% to climate-related projects, marking a record-breaking year for the organization’s commitment to global climate initiatives.