A May 2018 report from the United Nations World Economic Situation and Prospects (WESP) highlights an expected global gross domestic product (GDP) increase of over three-percent for 2018. Much of the growth in GDP has been buoyed by the wage increase across developing nations, and an across the board increase in demand for goods and services, much of which are provided by these same developing nations.
However, the report indicates that this strong global growth in GDP may be reversed with an increase in trade tensions, specifically in North America and between the members of the Trans-Pacific Partnership. A welcomed increase in Latin-American countries whose respective nations have install provisions to increase minimum wages, welfare payments, and access to educational opportunities have provided a steady increase in positive economic outlook across the region.
The report specifically asks global and national policymakers to consider the following four areas to keep GDP growth high:
- increasing economic diversification
- reducing inequality
- strengthening financial architecture, and
- tackling institutional deficiencies
A global transition toward sustainable energy models has continued. “China remains the world’s biggest investor in renewables, and renewable investment in 2017…” noted this UN report. “(this) will be supported by massive wind projects in Australia, China, Germany, Mexico, the United Kingdom and the United States.