The global economy is forecast to grow by 4% in 2022

In the Global Economic Outlook released on January 13, the United Nations (UN) forecast that the global economy would grow by 4% in 2022, lower than the 5.5% growth rate in 2021. ...

The global economy is forecast to grow by 4% in 2022. (Photo: Reuters)

According to the UN, after the world achieves the highest growth rate in more than four decades in 2021, thanks to increased consumer spending, some areas of investment and trade in goods exceed pre-pandemic levels. growth will gradually decrease in 2022.

It can be seen that growth in major economies such as China, the European Union (EU) and the US has begun to slow down since the end of last year as monetary and financial stimulus measures began to fade and the situation Supply chain disruptions reappear.

Deputy Secretary-General for Socio-Economics at the United Nations Liu Zhenmin pointed to the economic and human toll caused by the Omicron variant of the SARS-CoV-2 virus that is more infectious than other variants.

Without increased global cooperation, including access to a COVID-19 vaccine, the pandemic will continue to pose great risks to a full recovery and, Mr. Liu warned. sustainability of the global economy.

The report also points out that with the continuing pandemic situation, increasing inflationary pressures, labor shortages in developed economies and some developing economies are creating threats to the global recovery process.

Global inflation will reach 5.2% in 2021, up 2% compared to the general trend in the past 10 years. The report also warns that the long-term consequences of the pandemic will widen the growth gap between advanced economies and emerging and developing economies.

"For the majority of developing countries, the possibility of a full recovery in GDP per capita remains unclear," the report states.

However, GDP per capita in 2023 in advanced economies is likely to recover to pre-COVID-19 levels.

Earlier, the latest Global Economic Outlook report of the World Bank (WB) also indicated that the global economy, after a strong recovery period in 2021, is starting to fall into a clear recession. amid renewed threats from COVID-19 variants and rising inflation, debt and income inequality.

Accordingly, global growth is forecast to slow down deeply from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as previously pent-up needs diminish and policies Fiscal and monetary support will shrink worldwide.

The report was released by the World Bank just hours after the World Health Organization (WHO) warned of a new wave of COVID-19 with an Omicron variant that threatens to engulf health systems across Europe. .

H.Ha (According to Reuters, usnews.com)

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