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Global growth prospects have weakened significantly amid the war in Ukraine, rising energy, food and commodity prices, soaring inflation and tightening monetary policy stances by major central banks. The world economy is projected to grow by 3.1 per cent in 2022, marking a downward revision of 0.9 percentage points from our previous forecast released in January 2022. The baseline forecast faces significant downside risks from further intensification of the war in Ukraine and potential new waves of the pandemic.
Growth forecasts for the United States, European Union and China have been…
World Economic Situation and Prospects as of mid-2022
UN warns global economic recovery is losing steam
The global economic recovery is facing significant headwinds amid new waves of COVID-19 infections, persistent labour market challenges, lingering supply-chain challenges and rising inflationary pressures. After expanding by 5.5 per cent in 2021, the global output is projected to grow by only 4.0 per cent in 2022 and 3.5 per cent in 2023, according to the United Nations World Economic Situation and Prospects (WESP) 2022, which was launched today.
The robust recovery in 2021 ? driven by strong consumer spending and some uptake in investment, with trade in goods surpassing pre-pandemic levels ? marked the highest growth rate in more than four…
World Economic Situation and Prospects 2022
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