The world economy is at a precarious moment. Heightened trade tensions, along with policy uncertainty, have significantly weakened the global economic outlook for 2025. Higher tariffs—resulting in a significant increase in the effective tariff rate in the United States of America—are likely to strain global supply chains, drive up production costs and delay critical investment decisions, while also contributing to financial market volatility. Global economic growth is now projected to slow to 2.4 per cent in 2025, down from 2.9 per cent in 2024, and 0.4 percentage points below the January forecast. The downward revisions in growth forecasts are broad-based, affecting both developed and…

This manual picks up where the previous manual in the series left off. The earlier manual, on the methodology of National Transfer Accounts (NTAs), shows how National Accounts data can be used to construct age profiles of economic production and consumption and to illustrate how resources flow from persons in age groups producing more than they consume to those in age groups producing less than they consume (United Nations, 2013). 

The NTA project calls this system of age-based transfers the “generational economy”. Uncovering and elucidating the role of such transfers has been the project’s major contribution. NTA research has revealed how countries have evolved various means…

Global economic growth is projected to remain at 2.8 per cent in 2025, unchanged from 2024, according to the United Nations flagship report, World Economic Situation and Prospects (WESP) 2025. While the global economy has demonstrated resilience, withstanding a series of mutually reinforcing shocks, growth remains below the pre-pandemic average of 3.2 per cent, constrained by weak investment, sluggish productivity growth, and high debt levels.

The report notes that lower inflation and ongoing monetary easing in many economies could provide a modest boost to global economic activity in 2025. However, uncertainty still looms large, with risks stemming from geopolitical conflicts,…