Publications | Economic Analysis and Policy Division

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03 July 2023

World Economic Situation and Prospects: July 2023 Briefing, No. 173

Supply chains for microchips Increasing use of microchips in daily life Microchips, sometimes also referred to as semiconductors, are central to modern electronics. They are virtually ubi?quitous in people?s daily lives, being present in smartphones and other consumer products, industrial machines and military systems (figure 1). Leibovici and Dunn (2021), based on industrial information in the United States, estimate that about 25 per cent of 226 manufacturing industries use semiconductors as a direct input; these industries represent 39 per cent of all manufacturing output. These rates are expected to increase quickly over time. More importantly, microchips are essential for countries to… World Economic Situation and Prospects: July 2023 Briefing, No. 173

01 June 2023

World Economic Situation and Prospects: June 2023 Briefing, No. 172

Prospects for a robust global recovery remain dim Global growth remains subdued The world economy is facing severe headwinds amid weak growth prospects, elevated inflation and heightened uncertainties. A confluence of factors, including legacy effects of the COVID-19 pandemic, the protracted war in Ukraine, the ever-worsening impacts of climate change, and rapidly shifting macroeconomic conditions, are weighing on the global outlook. Stubbornly high inflation in both developed and developing countries has prompted the most aggressive interest rate hike cycle in decades, causing financial conditions to tighten and exacerbating debt vulnerabilities. While economic prospects remain subdued,…

01 June 2023

World Economic Situation and Prospects: June 2023 Briefing, No. 172

16 May 2023

World Economic Situation and Prospects as of mid-2023

Amid multiple global crises, risk of prolonged period of low growth looms large Full Report: English Key Messages: English Press Release: English Prospects for a robust global economic recovery remain dim amid stubborn inflation, rising interest rates and heightened uncertainties. Instead, the world economy faces the risk of a prolonged period of low growth as the lingering effects of the COVID-19 pandemic, the ever-worsening impact of climate change and macroeconomic structural challenges remain unaddressed, according to the World Economic Situation and Prospects as of mid-2023 released today. According to the report, the world economy is now projected to grow by 2.3 per cent in… World Economic Situation and Prospects as of mid-2023

03 April 2023

World Economic Situation and Prospects: April 2023 Briefing, No. 171

World Economic Situation and Prospects: April 2023 Briefing, No. 171 Is the monetary tightening cycle in developing countries coming to an end? Monetary policy challenges in developing economies With the banking sector turmoil rattling global financial markets in recent weeks, all eyes have been fixed on the United States Federal Reserve (Fed). By deciding to raise its key policy rate by another 25 basis points in late March, the Fed signaled that the fight against inflation was not over yet, while underscoring confidence in the resilience of the domestic banking sector. The latest rate hike?the ninth during the past 12 months?brings the target range of the fed fund rate to 4.75?5.00 per… World Economic Situation and Prospects: April 2023 Briefing, No. 171

01 March 2023

World Economic Situation and Prospects: March 2023 Briefing, No. 170

Economic consequences of the lingering war in Ukraine After a year, the war in Ukraine is still raging, imposing a heavy human toll, causing a massive devastation in the conflict area, and posing a grave threat to global security. The economic impact of the war is reverberating worldwide, contributing to inflationary pressures, and impeding the post-pandemic recovery. The war led to elevated energy prices and exacerbated food shortages in many regions. The repercussions of the conflict are being felt both in developed economies, especially in Europe, which has been confronted with skyrocketing energy prices, threats to its energy security, and inflow of the Ukrainian refugees, and in… World Economic Situation and Prospects: March 2023 Briefing, No. 170

01 February 2023

World Economic Situation and Prospects: February 2023 Briefing, No. 169

The world economy faces multiple mutually reinforcing shocks A series of severe and mutually reinforcing shocks hit the world economy in 2022, as it approached the mid-point for achieving the Sustainable Development Goals (SDGs) by 2030. While the impacts of the COVID-19 pandemic continue to reverberate worldwide, the war in Ukraine unleashed a new crisis, disrupting food and energy markets and exacerbating food insecurity and malnutrition in many developing countries. High inflation is eroding real incomes, triggering a global cost-of-living crisis that has pushed millions into poverty and economic hardship. At the same time, the climate crisis is taking a heavy toll on many countries,… World Economic Situation and Prospects: February 2023 Briefing, No. 169

25 January 2023

World Economic Situation and Prospects 2023

Multiple shocks to the world economy The world continues to confront multiple, inter-connected crises. Amid a slow recovery from the impact of the COVID-19 pandemic, the world is facing a food and energy crisis exacerbated by the war in Ukraine, with record high inflation unleashing a cost-of-living crisis. Developing countries are struggling over the costs of imports and debt servicing, and a climate crisis continues to wreak havoc on the most vulnerable countries and populations. "This is not the time for short-term thinking or knee-jerk fiscal austerity that exacerbates inequality, increases suffering and could put the SDGs farther out of reach." - Ant?nio Guterres
Secretary-General… World Economic Situation and Prospects 2023

03 January 2023

World Economic Situation and Prospects: January 2023 Briefing, No. 168

Anchoring inflation expectations becomes even more crucial to fight inflation in 2023 The world economy faced a steep rise in the inflation rate in 2022, with rising inflation observed in both developed and developing economies. A series of global events triggered and aggravated the current global inflation surge. Recovering demand after the COVID-19 crisis against various supply constraints easily created upward pressures on prices. The war in Ukraine constrained supply and triggered higher commodity prices globally, particularly food and energy items. The appreciation of the US dollar vis-?-vis many currencies also contributed to the global inflation trend by raising the costs of imports… World Economic Situation and Prospects: January 2023 Briefing, No. 168

01 December 2022

World Economic Situation and Prospects: December 2022 Briefing, No. 167

Energy crisis poses threat to Europe?s industrial sector Europe is facing a difficult and uncertain economic outlook. Governments, households, and firms are grappling with the energy and cost-of-living crisis that was aggravated by the war in Ukraine. As high energy prices are increasingly feeding through to other sectors of the economy, inflationary pressures have become more broad-based. In October 2022, year-on-year consumer price inflation in the European Union climbed to a record high of 11.5 per cent. The cost of energy remained the biggest driver of overall inflation, with energy prices rising by 38.7 per cent from a year ago. Core inflation ? excluding energy, food, alcohol, and… World Economic Situation and Prospects: December 2022 Briefing, No. 167