Excerpt: “Despite a slightly stronger-than-expected growth performance of 2.8 per cent in 2024, the global economy is set to slow down in 2025. UNCTAD estimates that the world gross product will expand by only 2.3 per cent in 2025, below the threshold of 2.5 per cent – a marker of a global recessionary phase. This is a significant deceleration compared to the average annual growth rates registered in the pre-pandemic period, which itself was a period of subdued growth globally (figure 1). The global outlook for 2025 is clouded by heightened policy uncertainty, the levels of which in early 2025 were the highest observed in this century (figure 2).”
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