Despite withstanding a series of mutually reinforcing shocks, global economic growth has stagnated and remains below the pre-pandemic annual average of 3.2 per cent, according to the World Economic Situation and Prospects (WESP) 2025 report release this week by the United Nations.
Overall, global trade is forecast to expand by 3.2 per cent in 2025, driven by strong exports from Asia and a rebound in services trade. The report notes that trade tensions, protectionist policies, and geopolitical uncertainties are significant risks to the outlook.
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