Flagship economic report highlights why global cooperation is key

The global economy is expected to grow by only 3.1 per cent this year, down from the 4.0 per cent projected in January, largely derailed by the war in Ukraine, according to the UN’s latest World Economic Situation and Prospects (WESP) report, launched on Wednesday. 

Global economic growth is projected to remain at 2.8 per cent in 2025, unchanged from this past year, according to a UN flagship report released on Thursday.  

Pay packets around the world rose 1.8 per cent in 2023 and continued their positive trajectory in this first half of this year, rising by 2.7 per cent on the back of a strong post-COVID global recovery, the UN International Labour Organization (ILO) said on Thursday.