The United Nations forecast that global economic growth will fall significantly to 1.9 percent this year as a result of the food and energy crisis sparked by the war in Ukraine, the impact of the Covid-19 pandemic. Know more:
UNITED NATIONS—The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9 percent this year as a result of the food and energy crisis sparked by the war in Ukraine, the impact of the Covid-19 pandemic, persistently high inflation and the climate emergency.
In its annual report earlier this month, the World Bank which lends money to poorer countries for development projects, cut its growth forecast nearly in half, from it previous projection of 3 percent to just 1.7 percent. “The top 10 percent now earns on average over 42 times what the lowest percentiles” earn, Mukherjee said.
With China’s government abandoning its zero-Covid policy late last year and easing monetary and fiscal policies, the UN forecast that its economy, which expanded by only 3 percent in 2022, will accelerate to 4.8 percent this year. In South Asia, the UN forecast average GDP growth will slow from 5.6 percent last year to 4.8 percent this year as a result of high food and energy prices, “monetary tightening and fiscal vulnerabilities.”
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