Over the years the world is yet to recover from past devastating events such as the corona virus, a disease that shook up the entire world,
In the past few years the world economy has tried to mitigate inflation, unemployment and poverty in any way possible but despite all these efforts, global growth is yet to be regained like it was before the pandemic.
The reason for this delay in progress globally is that there are still some host of issues that are ravaging the world, which includes, conflicts between countries, rising geopolitical tensions, climate shocks, terrorisms, these issues have affected the world economic growth, especially developing countries, the UN are still looking for a quick way to solve these herculin problem so that all operations can get back on track with the sustainable Development Goals(SDGs).
Like Li Junhua under secretary general for economic and social affairs (DESA) said, there are some impending factors that have affected developing nations economically like, low productivity growth, limited fiscal space, high depth burdens, weak investments, climate change, these factors already poses great risk for economic growth, added with the geopolitical tensions going on in most part of the world, these structural factors are major causes of economic breakdown.
Just recently on January 9 the (UN) released a report titled, WORLD ECONOMIC PROSPECT 2025 that detailed the global economic situation as well as measures that can be taken to alleviate the distress in economy.
Economic development is predicted to increase by 2.9 percent in 2025 which is virtually unchanged from 2024's rate.
This is recorded to be far below the rate of average economic growth recorded prior to 2020.
