The Economic and Social Council convened on this day for a briefing on the international economy of 2015 and what to expect and strive for in 2016. Mr. Montiel opened the briefing with the introduction of World Economic Situations and Prospects (WESP) report, which was further discussed in detail in a presentation by Mr. Rashid. The presentation addressed the global and regional financial outcomes of 2015, and projected expected change in 2016 and beyond. Globally, there was a slowdown in growth, with expectations for economic growth in 2016 of about 2.9%. This presentation showed further concerns about the global economy due to economic volatilities and uncertainties that impeded global growth. Global oil prices were shown to have dropped by more than 70% since July 2014, and global commodity prices fell by more than 20% since then as well. The presentation featured regional GDP growths from 2015 and expected growths in 2016, and identified possible dangers to economic growths in each region. Mr. Rashid concluded with recommendations that urged policymakers to reduce economic uncertainties and create macro-prudential policies. He also warned that weak employment growth and high unemployment rates will post a significant challenge to poverty reduction and the realization of the 2030 Sustainable Development Goals.

His Excellency Oh Joon then presented the ECOSOC agenda for 2016, and each program was presented by Vice Presidents of ECOSOC. The most immediate programs to come are Youth Forum (February) and Partnership Forum (March).

Further comments were made by delegations from the European Union, United States, Mexico, Japan, Palau, Colombia.

Meeting: Economic and Social Council – 2016 Session Briefing

Date/Location: 20 Jan 2016; 10:00 – 13:00; Economic and Social Council Chamber

Speakers: His Excellency Oh Joon, President of ECOSOC; Lenni Montiel, Assistant Secretary General for Economic Development, DESA; Hamid Rashid, DESA, Development Policy and Analysis Division; Sven Jürgenson, Vice President, ECOSOC; Alejandro Palma, Vice President, ECOSOC; Frederick Shava, Vice President, ECOSOC; Jürg Lauber, Vice President, ECOSOC

Written by: WIT Representative Dongeun Kim

Edited by: WIT Representative Alex Margolick

Photo Credit: OCHA/Vincent Fung