UN forecasts global economic growth of 4% in 2022

UN forecasts global economic growth of 4% in 2022

The United Nations World Economic Outlook and Situation 2022 has just released its assessment that the growth momentum acquired in 2021 is starting to slow down.

Production workers at a Skyworth factory in Guangzhou, capital of Guangdong province, China. Photo documentary: THX/VNA

The global economy is expected to grow 4% in 2022, lower than the 5.5% rate in 2021 and 3.5% by 2023 amid multiple waves of Covid-19 infection. coupled with challenges in the labor market, supply chain and rising inflation.

In the World Economic Situation and Prospects Report 2022 released on January 13, the United Nations said that the growth momentum obtained in 2021 is starting to slow down from the end of last year, which can be seen in developing countries. In major economies like China, the European Union (EU) and the US, monetary and financial stimulus measures began to fade and supply chain disruptions re-emerged.

The report also pointed out that with the continuing pandemic situation, increasing inflationary pressures in developed economies and some large developing economies are creating many threats to progress. global recovery. Global inflation will reach 5.2% in 2021, up 2 percentage points compared to the general trend in the past 10 years. The report also warns that the long-term consequences of the pandemic will lead to a widening inequality gap between countries.

For most developing countries, the possibility of a full recovery of GDP per capita is still questionable and will remain so even into the next year, 2023. , GDP per capita in 2023 in advanced economies is likely to recover to pre-pandemic levels.