At a high-level forum in Indonesia, Rebeca Grynspan emphasized the need for strong partnerships to overcome deficits in growth, trust and hope, while also calling for greater investment and more resilient supply chains for developing countries.
Speaking at the forum’s high-level plenary session on 2 September, alongside Indonesia’s Minister of National Development Planning (BAPPENAS), Pak Suharso Monoarfa, Ms. Grynspan highlighted the triple threat of deficits in growth, trust and hope facing the world.
Global GDP growth, projected at a modest 2.5% this year, remains nearly one percentage point below pre-pandemic trends. Ms. Grynspan underscored that the sluggish growth is compounded by a contested international economic order and faltering traditional drivers of prosperity.
Shifting global trade dynamics
The UN Trade and Development chief pointed to the rise of multipolarity and the Global South’s increasing economic weight. For example, South-South trade now surpasses North-North trade, signaling a shift in global power dynamics. She urged for a new multilateralism that decentralizes power and fosters inclusion, with African-Asian trade and cooperation serving as a critical example.
Highlighting Africa’s potential, Ms. Grynspan noted the transformative impact of the African Continental Free Trade Area (AfCFTA) and stressed the importance of boosting investment in green technologies and innovation across the continent. Beyond Africa, she underscored the need to close the $4 trillion investment gap in the Global South to unlock sustainable development and shared progress.
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