Wednesday, September 28, 2022

United Nations forecasts low global economic growth for 2022 and 2023. Nation World News

UNITED NATIONS ( Associated Press) – The United Nations on Thursday forecast lower global economic growth for 2022 and 2023, saying the world faces fresh waves of COVID-19 infections, persistent labor market challenges, supply chain issues and rising inflationary pressures. is facing.

The United Nations said that after growing at 5.5% in 2021 – the highest rate of global economic growth in four decades – the world economy is projected to grow by only 4% in 2022 and 3.5% in 2023.

According to the UN World Economic Situation and Prospects 2022 report launched on Thursday, last year’s strong recovery was largely due to consumer spending, some increase in investment and goods that exceeded pre-COVID-19 pandemic levels. was inspired by.

But the pace of growth “slowed significantly by the end of 2021, including in large economies such as China, the European Union and the United States” as the effects of monetary and financial stimuli from the pandemic began to wane and major supply chain disruptions emerged. , the report stated..

UN Under-Secretary-General for Economic and Social Affairs Liu Genmin pointed to the economic and human toll of the highly permeable omicron version of COVID-19.

Liu said, “Without a coordinated and sustained global approach to contain COVID-19, which includes universal access to vaccines, the pandemic will continue to pose the greatest risk to the inclusive and sustainable recovery of the global economy. “

The report said labor shortages in developed economies are adding to supply chain challenges and inflationary pressures.

It said growth in most developing countries and economies in transition has been generally weak.

While high commodity prices have helped countries dependent on exports of goods, rising food and energy prices have driven rapid inflation, especially after the breakup of the Soviet Union in 1991 and independent states in Latin America. Constituted in the nine-member Commonwealth. and the Caribbean, the United Nations said.

“Recoveries have been particularly slow in economies dependent on tourism, particularly in small island developing states,” it said.

The United Nations forecast is similar to that of the World Bank. Released on Tuesday.

Global financial institutions in 189 countries that provide loans and grants to low- and middle-income countries slashed their forecast for worldwide economic growth to 4.1% this year, up from 4.3% last June went. It attributed the continuing outbreak of COVID-19, lack of government funding and ongoing disruptions to global supply chains.

,

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -