UN forecasts lower global economic growth for 2022 and 2023

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UN predicts lower global economic growth for 2022 and 2023

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United Nations – The United Nations on Thursday projected lower global economic growth for 2022 and 2023, saying the world faces new waves of COVID-19 infections, persistent labor market challenges, supply chain issues and rising inflationary pressures. has been

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.

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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.

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.

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