Global Economy Projected To Grow By 4% In 2022, 3.5% In 2023: UN Report

With the highly transmissible Omicron variant of Covid-19 unleashing new waves of infections, the human and economic tolls of the pandemic are projected to increase again.

Global Economy Projected To Grow By 4% In 2022, 3.5% In 2023: UN Report

After expanding by 5.5 per cent in 2021, the global output is projected to grow by only 4 per cent in 2022 and 3.5 per cent in 2023, according to the United Nations World Economic Situation and Prospects (WESP) 2022 which was launched.

The UN WESP 2022 was launched on Thursday. The report said that the global economic recovery is facing significant headwinds amid new waves of Covid-19 infections, persistent labor market challenges, lingering supply-chain challenges and rising inflationary pressures.