14 September 2016: UN Secretary-General Ban Ki-moon released a report, titled ‘The UN in global economic governance,’ which describes the efforts of the UN system, major country groupings and international financial institutions (IFIs) and trade institutions to align their work with the 2030 Agenda for Sustainable Development, the Paris Agreement on climate change and the Addis Ababa Action Agenda (AAAA) on financing for development. The report observes “a major shift within the UN system and beyond,” in which major country groupings, international financial and trade institutions and others have moved to align their work with these outcomes.

On the world economic situation and prospects, the report (A/71/378) states that the current global economic situation is “not favorable” for implementing the 2030 Agenda, citing weak global growth which is likely to undermine progress in poverty reduction and investment in environmental protection, education, health and infrastructure. The report therefore recommends: renewing efforts to improve policy coordination at all levels to stimulate inclusive growth and foster long-term sustainable development; integrating economic, social and environmental policies into structural reforms; and strengthening coordination of national policies.

The report reflects that the three intergovernmental agreements spell out a clear opportunity for the UN to play a stronger role in global economic governance through monitoring and follow-up mechanisms. Specific opportunities include: a central role by the UN High-level Political Forum on Sustainable Development (HLPF) in overseeing follow-up and review processes at the global level on the 2030 Agenda; the UN Economic and Social Council’s (ECOSOC) FfD Forum as a dedicated intergovernmental space to review FfD implementation and delivery of means of implementation (MOI); and the “global stocktake,” established under the Paris Agreement, for Parties to update and enhance actions and support, and increase cooperation.

On the UN development system’s (UNDS) longer-term positioning, the report recommends: strengthening ECOSOC’s monitoring and oversight role by establishing a full-time President position with adequate staff support; establishing a sustainable development board; and improving the scope and effectiveness of the UN General Assembly (UNGA) resolution on the quadrennial comprehensive policy review (QCPR).

The report addresses UN engagement with the Group of 20 (G-20), the Group of 77 and China (G-77/China), the EU, the Global Governance Group (3G), the International Monetary Fund (IMF), the World Bank Group, the World Trade Organization (WTO), and the UN Conference on Trade and Development (UNCTAD). The report concludes that these stakeholders “are aligning their work streams, in an unprecedented manner, with these UN-led outcomes and their follow-up processes.”

The UNGA requested the Secretary-General to submit a report on the implementation of its resolution 67/289, ‘The UN in global economic governance,’ at the 71st session of the UNGA. The report follows up on reports from 2011 and 2013 on global economic governance and development. [Publication: The United Nations in Global Economic Governance: Report of the Secretary-General]