In 2021, Global Economic Growth was 5.5%. But the latest UN Report predicts only 4% Global Economic Growth in 2022, which will be again down to 3.5% in 2023.
The World Economic Situation and Prospects (WESP) report of United Nations in 2022 was launched on Thursday 13, 2022. The downturn will be due to the impacts of COVID-19’s new waves, still continuing supply chain challenges, persistent labor market issues, and a rising inflation as the report revealed.
The highest growth rate in past four decades which the Global Economy achieved in 2021 was due to the strong consumer demand, upsurge in investment, and high levels of trade in goods as the report stated further.