- According to the World Economic Situation and Prospects report released by the United Nations, the global economy is expected to grow by only 3.1% this year.
- The earlier prediction in January was 4.0% but the rate decreased mainly because of the war in Ukraine.
- The report is published by the United Nations Department of Economic and Social Affairs (DESA).
- Forecasts showed that the Ukraine conflict and the COVID-19 pandemic have increased commodity and food prices.
- According to this report, the global inflation rate is estimated to reach 6.7% this year.
- High inflation rates in developing and least developed countries are reducing the real income of households.
Tags:
Economics
