2020World EconomicandSituation ProspectsUnited NationsWorld EconomicandSituation ProspectsasdfUnited NationsNew York, 2020iiiWorld Economic Situation and Prospects 2020ForewordAt the September SDG Summit in New York, world leaders called for accelerated implementation of the 2030 Agenda for Sustainable Development. In response, I launched the Decade of Action to deliver the Sustainable Development Goals by 2030. As we enter the new decade, we face a complex set of development challenges. The global economy issuffering a significant and widespread slowdown amid prolonged trade disputes and wide-ranging policy uncertainties; poverty rates are increasing in numerous countries;climate risks are more pressing than ever; and inequalities remain broad within and among countries. This is the backdrop as policymakers strive to advance on the SDGs.The World Economic Situation and Prospects 2020 warns that economic risks remain strong, aggravated by deepening political polarization and increasing scepticism about the benefits of multilateralism. These risks could inflict severe and long-lasting damage on development prospects. They also threaten to encourage a further rise in inward-looking policies, at a point when global cooperation is paramount.Climate disruption also poses a serious and growing threat to short- and long-term economic prospects. That is why I will continue to push to keep the climate crisis at the top of the international agenda. The report stresses that investors underestimate the risks of climate change and are still making short-sighted decisions to expand investment into carbon-intensive assets. One of the primary ways to break the link between greenhouse gas emissions and economic activity is to change the energy supply mix, transitioning from fossil fuels to renewable sources of energy. This transition will require policies that steer nations towards carbon neutrality by 2050, including setting a meaningful price on carbon pollution, abandoning perverse fossil fuel subsidies and ending investment in andconstruction of coal-fired power plants by 2020. Well-balanced policy strategies should maintain economic stability while broadening access to clean, affordable and reliable energy.The rise of living standards over the past century has also relied heavily on depleting the worlds natural resources, such as forests and wateran economic model that is simply not sustainable. To live in shared prosperity within the capacity of our planet to support us, we must move away from carbon and resource-intensive industries, materials and value chains. We must instead prioritize sustainable consumption and productiona way of life that enables economic growth, while ensuring planetary protection.I commend the United Nations Department of Economic and Social Affairs, the United Nations Conference on Trade and Development, the five United Nations Regional Commissions and other contributors for this joint report. The United Nations System will continue to work closely with Member States during the Decade of Action as we cooperate to implement the 2030 Agenda and deliver a sustainable, peaceful and prosperous future.Antnio Guterres Secretary-General of the United NationsExplanatory notesThe following symbols have been used in the tables throughout the report:. A full stop is used to indicate decimals./ A slash between years indicates a crop year or financial year, for example, 2018/19. Use of a hyphen between years, for example, 20192020, signifies the full period involved, including the beginning and end years.Two dots indicate that data are not available or are not separately reported.A dash indicates that the amount is nil or negligible.A hyphen indicates that the item is not applicable. A minus sign indicates deficit or decrease, except as indicated.-Reference to “dollars” ($) indicates United States dollars, unless otherwise stated.Reference to “billions” indicates one thousand million.Reference to “tons” indicates metric tons, unless otherwise stated.Annual rates of growth or change, unless otherwise stated, refer to annual compound rates.Details and percentages in tables do not necessarily add to totals, because of rounding.The following abbreviations have been used:Project LINK is an international collaborative research group for econometric modelling, coordinated jointly by the Economic Analysis and Policy Division ofUN DESA and the University of Toronto.For country classifications, see Statistical annex.Data presented in this publication incorporate information available as at 30 November 2019.AfCFTA ASEAN BISBRI CIS CO2 DSM ECBECOSOC EUFDI GCC GDP GHG GNIGt IEA ILO IMF IMO IPCCIRENA LDCsM&A MTS OD