The United Nations Conference on Trade and Development (UNCTAD) released its Trade and Development Report 2026 on Friday, predicting a slowdown in global economic growth to 2.6% by 2026. The report indicates that developing economies are expected to grow by 4% this year, down from 4.7% in 2025.
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Rising energy prices are contributing to increased trade values, with trade in goods and services projected to expand by approximately 4% at constant prices. Asia is expected to account for 59% of global growth in 2026, driven primarily by East Asia’s rapid expansion in semiconductor and advanced computing manufacturing.
The report highlights that products related to artificial intelligence (AI) are now the primary drivers of merchandise trade; however, it cautions that growth in AI trade does not necessarily lead to widespread development gains.
Additionally, it warns of challenges posed by energy shocks and financial instability, emphasizing the need for diversification in energy supply. It suggests that addressing energy and supply chain bottlenecks is more effective against supply-driven inflation than broad monetary and fiscal tightening.
In related remarks, Kazakhstan’s Deputy Prime Minister and National Economy Minister Serik Zhumangarin discussed the country's economic outlook, noting a growth rate of 6.5% last year, one of the highest in recent years, despite worsening foreign economic conditions. Between January and May 2026, Kazakhstan’s economy saw a growth of 3.7%, with non-oil sectors growing over 5%. The Minister identified the manufacturing industry as a key driver of economic progress.