This year is the halfway point to the United Nations’ 2030 Sustainable Development Goals (SDGs), however, progress has been hindered by geopolitical and financial challenges. According to the World Economic Forum’s latest outlook report, the global trajectory towards achieving these goals is facing severe constraints. Economists fear that rising geopolitical tensions and tightening financial conditions may significantly hinder future advancement.
These chief economists discussed how tighter financial conditions are affecting global development, with concerns raised about how higher interest rates and unpredictability could stifle growth. They stressed the potential impacts of strained public finances, particularly relating to health and education spending, sustainable investments and enforced fiscal cuts. They also detailed how developing markets may struggle to access needed funding for crucial green and inclusive growth initiatives.
The economists identified the need for governments and businesses to collaboratively navigate recent global economic shifts. They suggested the development of joint frameworks to manage these global trends and overcome challenges. Finally, aligning government priorities with business incentives was cited as key to accelerating progress across sectors such as healthcare, education, and climate adaptation.
Read source article here:
https://www.weforum.org/agenda/2023/09/chief-economists-outlook-progress-sustainable-development-goals/
