The World Economic Situation and Prospects report said this would mark one of the lowest growth rates in recent decades. Read more at straitstimes.com.
UNITED NATIONS - Global economic growth is projected to slow to 1.9 per cent this year from an estimated 3 per cent in 2022, according to a United Nations report released on Wednesday that blamed the Covid-19 pandemic, Russia’s war in Ukraine, high inflation and the climate crisis.
“Global growth is forecast to moderately pick up to 2.7 per cent in 2024, if, as expected, some macroeconomic headwinds begin to subside next year,” it said. “The near-term economic outlook remains highly uncertain, however, as myriad economic, financial, geopolitical and environmental risks persist.”
It projected that US gross domestic product would only expand 0.4 per cent in 2023, compared to an estimated growth of 1.8 per cent in 2022. The EU was forecast to grow by 0.2 per cent in 2023, down from an estimated 3.3 per cent in 2022.
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