Global economic growth is projected to slow to 1.9% this year from an estimated 3% in 2022, according to a UN report that blamed the COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis. + READ:
REUTERS
“Global growth is forecast to moderately pick up to 2.7 percent in 2024, if, as expected, some macroeconomic headwinds begin to subside next year,” it said. “The near-term economic outlook remains highly uncertain, however, as myriad economic, financial, geopolitical and environmental risks persist.”
In October, the IMF put a 25% probability of global growth falling below 2% next year — a phenomenon that has occurred only five times since 1970.
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