2024 Trade and Development Report

The 2024 Trade and Development Report calls for a fundamental rethink of development strategies amid a global slowdown and rising social discontent.

It warns that the global economy, strained by crises and climate change, is stuck in low growth and weak investment, unable to meet development needs.

Meanwhile, rapid technological changes and rising geopolitical tensions are reshaping trade and production patterns, potentially worsening inequalities between developed and developing countries.

In a sluggish economy, developing nations face tough policy choices as they contend with rising debt, high energy prices and growing demands for health and social services.

Despite these challenges, the report identifies opportunities, such as soaring demand for critical minerals for the energy transition and increased South-South trade. However, without strategic policy shifts, the opportunities could be lost.

The report urges developing countries to prioritize economic resilience and diversification, moving beyond manufacturing-led export models. It calls for stronger multilateral action to improve tax cooperation, ensure an equitable energy transition and build a development-focused global financial system.

It examines five core themes:

• A new, low normal for the global economy
• The changing structure of trade and trade policies
• The dawn of the service economy
• Financialization in a new commodity cycle
• The Global South and its quest for long-term development finance

We must rethink, reform and revive. Rethink global development strategies, reform the international financial system and revive the commitment to multilateralism.

Rebeca Grynspan Secretary-General of UN Trade and Development (UNCTAD)