In a sobering report released on Monday, the World Economic Forum (WEF) revealed that global economic growth is anticipated to plummet to its lowest rate in three decades by 2030. The report, titled "Future of Growth Report 2024," underscores the compounding impact of ongoing economic and geopolitical shocks, exacerbating challenges such as the climate crisis and a weakening social contract.
According to the WEF, a fundamental shift in the approach to economic growth is imperative, emphasizing a delicate balance between efficiency, long-term sustainability, and equity. The report highlights the interconnectedness of these factors and stresses the need for a comprehensive strategy that considers speed, quality, innovation, and inclusion together.
Analyzing growth quality across 107 economies, the report identifies that highincome economies excel in innovation and inclusion, whereas lower-income economies lag in sustainability. Saadia Zahidi, the Managing Director of WEF, emphasized that reigniting global growth is crucial, but growth alone is insufficient.
The report proposes a novel assessment framework that prioritizes sustainability, resilience, equity, and innovation in alignment with global and national priorities.
To catalyze this shift, the WEF has launched the 'Future of Growth' initiative, a at shaping a new narrative for economic growth. The initiative seeks to support policymakers, economists, and experts worldwide in identifying pathways that balance growth, innovation, inclusion, sustainability, and resilience goals.
However, against the backdrop of these aspirations, the Chief Economists Outlook report by the WEF warns of a weakening global economy in 2024. A survey of chief economists revealed that 56% anticipate a global economic slowdown, attributing it to factors such as tight financial conditions, geopolitical tensions, and rapid advances in generative artificial intelligence (AI).
Denne historien er fra January 16, 2024-utgaven av The Business Guardian.
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Denne historien er fra January 16, 2024-utgaven av The Business Guardian.
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Ratan Tata's death shifts focus to Next-Gen leadership
Leah Tata, the eldest child of Noel Tata, earned a Master's degree in Marketing from IE Business Schoolin Madrid. She joined the Tata Group in 2006, starting as an assistant sales manager at Taj Hotels Resorts Palaces.
INDIA REQUIRES USD 200 BILLION TO BUILD RENEWABLE ENERGY ASSETS BY 2030: NOMURA
India will require USD 200 billion in investments to build renewable energy assets by 2030, driven by rising demand and ambitious green energy goals, says a Nomura report.
BUNGALOW ROW: CM ATISHI WORKING AMID PACKED CARTONS
The AAP on Thursday shared images showing Delhi Chief Minister Atishi signing files at her Kalkaji residence surrounded by packed cartons of her belongings, a day after the party claimed she was made to \"forcibly vacate\" the 6, Flagstaff Road bungalow in the national capital.
DoE issues advisory against ed-tech firms
The Delhi Directorate of Education (DoE) has issued an advisory to protect students and parents from the misleading promises of ed-tech companies.
Direction for FIR cannot be issued in a casual manner, says court
Delhi's Saket Court refused to give directions for registration of an FIR as it dismissed the revision moved by a man against his wife and her family members.
Atishi and AAP members condole demise of industrialist Ratan Tata
Delhi Minister Saurabh Bharadwaj on Thursday condoled the passing away of industrialist and business tycoon Ratan Tata, noting that he was one of the few who earned immense respect from people, not only as an industrialist but also as a business leader.
Doctors save man's life by removing live cockroach from intestine
In a life-threatening incident, a cockroach was successfully removed from the stomach of a 23-year-old man at a Delhi private hospital.
HC junks plea against demolition of religious structure on DDA land
In an order dated October 4, Justice Tara V Ganju observed that the petitioner had no right or title in the land and, therefore, there was no reason to interfere with the DDA's decision to remove an \"unlawful encroachment\" from public land.
Delhi High Court: Legal Internships Do Not Amount To Active Legal Practice
The Delhi High Court in the case Ujwal v. Delhi High Court Legal Service Committee, DHCLSC observed that legal internships undertaken as law students do not amount to 'active legal practice' after being enrolled as an advocate.
Delhi High Court Sets Aside Arbitral Award Due To Failure Of Arbitrator To Disclose Conflict, Non-Supply Of Documents
The Delhi High Court in the case Flfl Travel Retail Lucknow Private Limited vs. Airport Authority Of India And Anr observed and has held that the duty of arbitrators of disclosure of any conflicts under Section 12 of the Arbitration and Conciliation Act, 1996 is mandatory and continuous throughout the proceedings.
