A survey conducted recently reveals that many economists expect the global economy to weaken due to political and financial instability.

Despite this, more than 90 per cent of economists are confident in the growth prospects of South Asia, especially India. These findings are part of a report by the World Economic Forum (WEF).

The Chief Economist Outlook report combines research, consultations, and surveys with leading economists to provide insights into policy development and economic trends.

The report shows that the outlook for China has worsened due to signs of deflation and concerns in the real estate market.

Additionally, around six in 10 people believe that global economic challenges may hinder progress towards the UN Sustainable Development Goals (SDGs).

Geopolitical tensions are seen as a significant obstacle to achieving these goals, according to 74 per cent of respondents.

As world leaders gather for the UN high-level week in New York to discuss progress on the SDGs, over 60 per cent of chief economists anticipate a weakening global economy in the coming year.

While many believe that recent inflation will eventually ease, prolonged financial tightening may have long-term consequences such as reduced business lending and increased corporate debt defaults.

Developing countries are expected to bear the brunt of these global challenges. Chief economists warn that geopolitical tensions and tighter financial conditions could hinder progress towards global development goals.

Slow progress is noted in various SDG areas, including food security, climate action, and biodiversity protection, potentially leaving over half a billion people in extreme poverty by 2030.

Some economists expect increased cooperation and private capital flows between advanced and developing countries in the next three years.

WEF managing director Saadia Zahidi highlights the ongoing weakness in the global economy and the need for innovation, cross-border investment, and technology transfer to align growth, climate action, and human development.