(VOVWORLD) - The UN on Thursday forecast lower global economic growth for 2022 and 2023 due to new waves of coronavirus, persistent labor market problems, lingering supply chain issues, and rising inflationary pressures.
 Staff members work at a workshop of Skyworth in Guangzhou, China's Guangdong Province. (Photo: Xinhua/VNA) |
The UN said that after expanding 5.5% in 2021 - the highest rate of global economic growth in more than four decades - the world economy is projected to grow only 4% in 2022 and 3.5% in 2023.
The momentum of growth slowed considerably at the end of 2021, including in big economies like China, the EU and the US as the effects of monetary and financial stimulus programs began to recede and major supply chain disruptions emerged, the report said. Along with the ongoing pandemic, rising inflationary pressures in major developed economies and a number of large developing countries present additional risks to recovery."
The report warned that an emerging longer-term consequence of the coronavirus pandemic is greater inequality between countries.