The United Nations has joined several major global organizations in cutting the outlook for global economic growth in 2023.
The United Nations is the latest organization to cut its forecast for 2023 global economic growth.The forecast is down from an estimated 3% in 2022, one of the lowest growth rates in recent decades.
"A broad-based and severe slowdown of the global economy looms large amid high inflation, aggressive monetary tightening, and heightened uncertainties," U.N. Secretary-General Antonio Guterres said in a foreword to the 178-page report. Ukrainian servicemen are seen next to a destroyed armored vehicle, which they said belongs to the Russian army, outside Kharkiv, Ukraine.The International Monetary Fund, which provides loans to needy countries, projected in October that global growth would slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.
Many European countries are projected to experience "a mild recession" with the war in Ukraine heading into its second year on Feb. 14, high energy costs, inflation, and tighter financial conditions depressing household consumption and investment.
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