ses are needed to tackle the current growth slowdown,” Elliot Harris, UN chief economist and assi
stant secretary-general for economic development, said Tuesday at a news conference. “It is increasingly clear that policies to pro
mote sustainable development will need to look beyond GDP growth and identify new and more robust measures of
economic performance that appropriately reflect the costs of inequality, insecurity and climate change.”
In response to slowing growth and subdued inflation, major central banks have eased their monetary policy stances. The recent mo
netary policy shifts have helped to stabilize global financial markets and capital flows to emerging economies.
However, the report cautions that a more protracted period of monetary accommodation could exacerbate fina
ncial imbalances, including further fueling debt accumulation and raising medium-term risks to financial stability.