2025年世界投资报告：数字经济中的国际投资

World Investment Report 2025International investment in the digital economyii© 2025, United NationsAll rights reserved worldwideRequests to reproduce excerpts or to photocopy should be addressed to the CopyrightClearance Center at copyright.com.All other queries on rights and licences, including subsidiary rights, should be addressed to:United Nations Publications405 East 42nd StreetNew York, New York 10017United States of AmericaEmail: publications@un.orgWebsite: https://shop.un.orgThe designations employed and the presentation of material on any map in this work do not implythe expression of any opinion whatsoever on the part of the United Nations concerning the legalstatus of any country, territory, city or area or of its authorities, or concerning the delimitation ofMention of any firm or licensed process does not imply the endorsement of the United Nations.This publication has been edited externally.United Nations publication issued by the United NationsConference on Trade and DevelopmentUNCTAD/WIR/2025 (Advance copy)ISBN: 978-92-1-003558-3eISBN: 978-92-1-107384-3ePub ISBN: 978-92-1-107391-1ISSN: 1020-2218eISSN: 2225-1677Sales No. E.25.II.D.23 its frontiers or boundaries. World Investment Report 2025International investment in the digital economyiiiAt a time when the world should be deepening cooperation and expanding opportunity, we areseeing the opposite. Barriers are rising. Globalization is retreating. And the consequences forsustainable development are profound.TheWorld Investment Report 2025delivers a sobering message: global foreign direct investmentfell by 11 per cent in 2024, to $1.5 trillion. Infrastructure investment is slowing. Industrialinvestment is under strain. And developing countries – those most in need – are being left behind.Rising trade tensions, policy uncertainty and geopolitical divisions risk making the investmentOne bright spot is the digital economy, but the growth in this sector remains highly uneven.Investment in digital infrastructure is essential to closing the digital divide. Digital connectivity isa powerful driver of progress – if we ensure it reaches everyone.This year’s report explores how international investment can help bridge that divide. It offerspractical guidance to help governments attract and direct capital toward inclusive growth –advancing the Global Digital Compact and the Sustainable Development Goals.Now more than ever, we need to work together to chart a course towards a more resilient andsustainable world. TheWorld Investment Report 2025offers ideas and insights to help do justAntónio GuterresSecretary-General of the United Nations Prefaceenvironment even worse.that. World Investment Report 2025International investment in the digital economyivInvestment is more than just capital flows and project pipelines. It is a signal of where weare placing our bets as a society: on what we value, where we see potential and who webelieve should be part of the future. As such, investment trends do more than track economicperformance – they offer a mirror to our priorities, our systems and the choices we makeThe World Investment Report 2025arrives at a moment when that mirror reflects both strainand opportunity. The global economy continues to grapple with a complex set of challenges:mounting debt, persistent underperformance in GDP growth, geopolitical tensions, and structuralshifts in trade and investment flows.As our report shows, global foreign direct investment contracted for the second consecutive year.International project finance, critical for large-scale infrastructure and development, registeredthe steepest decline, falling by 26 per cent. Meanwhile, cross-border mergers and acquisitionsremained below the long-term average, signalling a structural shift toward domestic and near-shore investment strategies amid rising policy risks, regulatory scrutiny and global uncertainty.What is most alarming, however, is the continued deterioration of investment flows into keysectors aligned with the Sustainable Development Goals. In 2024, investment in energy and gassupply fell by 28 per cent, while project finance in renewable energy declined by 16 per cent.This trend comes at a time when the world can least afford to fall short. Reversing this negativetrend in Goals investment will demand not only more capital – both public and private – but alsodeeper alignment of investment flows with long-term sustainability goals.Amid these challenges, the report identifies investment in the digital economy as an engine ofgrowth and transformation. The digital economy is expanding at an annual rate of 10 to 12 percent, outpacing global GDP growth and accounting for a rising share of value creation worldwide. Forewordcollectively. World Investment Report 2025International investment in the digital economyvYet this growth is not equally distributed. Despite more than $500 billion in greenfield investmentin the digital economy into developing countries over the past five year