/ world today news/ Due to the influence of numerous crises and factors of instability, the prospects for the world economy for this year are not optimistic, according to the report on the economic situation and prospects for 2023, recently published by the United Nations Commission on Social and Economic Activities.
“The past year of 2022 marks nearly half of the period needed to achieve the UN’s Sustainable Development Goals by 2030. However, the world economy is under severe shocks such as the continuation of the COVID-19 pandemic, the war in Ukraine and the resulting food insecurity and energy crisis. Against this backdrop, many countries face the risk of economic recession in 2023. Expectations are for 1.9 percent global growth, a record low for decades,” the report said.
The report predicts that economic growth in the US and the EU will decline. In the US, as interest rates rise and incomes fall, household net disposable income will shrink, and so will consumer spending.
Due to the continuation of the military conflict in Ukraine, the EU’s short-term economic prospects will also deteriorate.
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