Attached is the UN’s Department of Economic and Social Affairs’ World Economic Situation and Prospects as of mid-2019, which was launched in New York on 21 May 2019. This updates the UN’s flagship report World Economic Situation and Prospects 2019, released in January.

The report stresses that high trade tensions and policy uncertainty continue to damage prospects for economic growth, and downgrades forecasts for many countries. The forecast for weaker global growth casts a shadow over efforts to implement the 2030 Agenda for Sustainable Development, and puts at risk essential investments in areas such as education, health, climate change adaptation and sustainable infrastructure.

Among the key messages: Carbon pricing a key element in combating climate change. The report calls for a stronger and more coordinated multilateral approach to global climate policy, which includes the use of carbon pricing mechanisms. A price on carbon compels economic decision makers to internalize some of the environmental costs of their consumption and production. The report documents an increasing use of internal CO2 prices by the private sector. This not only results in higher energy efficiency and cost savings, but also leaves firms better prepared for expected policy changes.

The report can be accessed through the following link.