UN's Forecast on Low Economic Growth in 2022, 2023

On Thursday, the United Nations stated its prediction report on the decreasing state of global economic development for the consecutive years 2022 and 2023 as the entire world deals with issues like coronavirus spread, continual workforce market, rooted supply chain, as well as high inflation challenges. According to the U.N, the global economy forecasts growth of 4% and 3.5% in 2022 and 2023, respectively. The highest rate of growth in global economy was seen in 2021 after over four decades, 5.5%.

Liu Zhenmin, the Under-Secretary-General for the United Nations Department of Economic and Social Affairs, in a news conference said that two years after the pandemic, the economic vision in the world is dim at the beginning of 2022, he added. Creating employment has not overcome the losses and lack of employment is impacting youth and women. The shadowy economic prospect comes as a result of covid-19 expansion, supply issue, and high inflation rates in many parts of the globe, he emphasized.

2021 saw a recovery in economy, mainly attributed to consumer purchases, increase in investments exceeding the amount before the pandemic, the U.N. World Economic Situation and Prospects 2022 report suggested. However, growth rate in large economies, involving China, EU, and the U.S, dramatically speeded down at the end of 2021. The report also added that lack of workforce among developed countries is escalating supply chain issue and inflation, thereby weakening the economic growth in the majority of developing countries. 


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