May 17, 2023
1 min read

UN forecasts world economic growth of 2.3% in 2023

The UN forecasts are less than the International Monetary Fund, which said earlier this year that global growth would fall to 2.9 percent in 2023…reports Asian Lite News

Global economic growth is projected to be 2.3 percent in 2023, up 0.4 percentage points from a January forecast, and the prediction for 2024 has dropped 0.2 percentage points to 2.5 percent, according to a UN report released on Tuesday.

“Despite this uptick, the growth rate is still well below the average growth rate in the two decades before the pandemic of 3.1 percent,” said the World Economic Situation and Prospects report issued by the UN Department of Economic and Social Affairs.

The UN forecasts are less than the International Monetary Fund, which said earlier this year that global growth would fall to 2.9 percent in 2023 from 3.4 percent in 2022 and for 2024 would pick up slightly to 3.1 percent.

The UN said while the outlook for the US, EU and China had improved, “for many developing countries, growth prospects have deteriorated amid tightening credit conditions and rising costs of external financing.”

“The least developed countries are forecast to grow by 4.1 percent in 2023 and 5.2 percent in 2024, far below the 7 percent growth target set in the 2030 Agenda for Sustainable Development,” the UN report said.

ALSO READ: Rahul Gandhi to visit US for 10 days

Previous Story

UN lays out blueprint to reduce 80% plastic waste by 2040

Next Story

Quad meet cancelled after Biden calls off Australian trip

Latest from -Top News

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing

Trump goes nuclear on Mamdani

Mamdani, a 33-year-old democratic socialist and son of Indian-Ugandan immigrants, secured a surprise victory over former governor Andrew Cuomo in the Democratic primary.;…reports Asian Lite News President Donald Trump has intensified his
Go toTop

Don't Miss

UN backs Sudan envoy

Sources within Sudan’s foreign ministry said that Perthes will not

UN Raises Alarm Over Israeli Evacuation Order in Southern Gaza

The most helpful thing for the delivery of humanitarian aid