UN downgrades global economic growth forecast for 2022 to 3.1%

According to the United Nations, the war in Ukraine has raised global prices of food and goods and increased inflationary pressure and affect post-pandemic resilience.

The United Nations World Economic Situation and Outlook said the decline in growth prospects was based on the performance of the world’s largest economies including the US, China and the Union. Europe as well as most other developed and developing countries.

The report also warned that the global economic growth forecast could be further reduced if the war in Ukraine intensifies as well as new waves of COVID-19 infections. Slow economic growth and the war in Ukraine, which is driving up food and fertilizer prices, will hit developing countries hard, increasing poverty and food insecurity, the report said.

The United Nations lowered its forecast for global economic growth in 2022 to 3.1% (Artwork: KT)

According to a United Nations report, the European Union’s economy is expected to grow 2.7% in 2022, down 3.9% from the January forecast. The US economy is expected to grow. growth of 2.6% in 2022 and 1.8% in 2023, significantly lower than the forecast in January mainly caused by persistently high inflation, monetary tightening measures by the Federal Reserve. Federal Reserve and the War in Ukraine. China is expected to experience economic growth of 4.5% in 2022, down from 8.1% in 2021. Meanwhile, economic growth in developing countries is forecast to increase by 4 1% this year, down from 6.7% in 2021.

According to United Nations Secretary-General Antonio Guterres, the war in Ukraine is triggering a crisis that is wreaking havoc on global energy markets, disrupting financial systems and increasing the vulnerability of developing countries. develope. Mr. Guterres called for fast and decisive action to ensure a stable supply of food and energy to open markets and to do this would require lifting export restrictions and freeing up stockpiles for international markets. water is needed.

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