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UN trade body warns of further economic slowdown this year

Published 04/16/2024, 05:12 AM
Updated 04/16/2024, 05:16 AM
© Reuters. FILE PHOTO: A fisherman prepares to cast his fishing net in the waters of the Vembanad lake as a container ship is seen docked in the background, at a port in Vallarpadam, in the southern Indian city of Kochi February 11, 2014. REUTERS/Sivaram V/File Phot

BERLIN (Reuters) - The global economy faces a further slowdown this year, hit by falling investment and subdued trade dynamics, the United Nations trade body warned on Tuesday before spring meetings of the International Monetary Fund and World Bank this week.

The prospect of interest rate cuts may ease budget pressure on governments and business but cannot alone solve challenges from sovereign debt to growing inequality and climate change, said the United Nations Conference on Trade and Development.

The body called for multilateral strategies to revive investment and trade, support full employment and fair income distribution, saying they were crucial to driving robust growth.

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