The global economy is expected to grow by only 3.1 per cent this year, down from the 4.0 per cent projected in January, largely derailed by the war in Ukraine, according to the UN’s latest World Economic Situation and Prospects (WESP) report, launched on Wednesday.
Although the outlook for global growth has improved, the ongoing impacts of the COVID-19 pandemic, as well as inadequate progress on vaccination in poorer countries, are putting recovery at risk, according to the latest UN economic forecast, published on Tuesday.
The climate crisis, as well as persistently high inequalities, and rising levels of food insecurity and undernourishment, is affecting the quality of life in many societies and fuelling discontent, the UN warned on Thursday, on the publication of the 2020 World Economic Situation Report (WESP).
Against a backdrop of unresolved trade tensions, high international policy uncertainty and softening business confidence, the UN on Tuesday announced a broad-based slowdown in the global economy and cut its growth predictions.
While the global economy will continue to grow at a steady pace of around three percent in 2019 and 2020, that growth is expected to be uneven and may fail to reach where it is most needed.