The global economic outlook for next year appears challenging, according to the 2023 Trade and Development Report by the UN Conference on Trade and Development (UNCTAD). The report highlights pressing issues such as inflation, inequality, and escalating sovereign debt, urging governments worldwide to adopt more pragmatic policies and implement major reforms within the global financial system.
Dr. Richard Kozul-Wright, director of the Division on Globalization and Development Strategies at UNCTAD, emphasized the need for international cooperation to navigate these economic hurdles. \"Addressing inflation and inequality requires coordinated efforts and innovative policy solutions that can adapt to the rapidly changing global landscape,\" he stated.
Joining the discussion, Ju Jiandong, Unigroup chair professor at the PBC School of Finance of Tsinghua University, shared his insights on potential reforms. \"Reforming the global financial system is essential to ensure sustainable growth and stability. We need to rethink traditional economic models and embrace more inclusive and resilient frameworks,\" Ju explained.
The report calls for a collective approach to tackle these challenges, suggesting that without significant policy shifts and financial reforms, the global economy may struggle to recover and thrive in the coming years.
Reference(s):
cgtn.com
