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The UN report predicts that the global economy will grow by 4% and 3.5% this year and next

Date: 2022-01-13
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Xinhua news agency, United Nations, January 13 (reporter Wang Jiangang) - the United Nations released a report on the world economic situation and prospects for 2022 on the 13th, predicting that the global economy will grow by 4% and 3.5% in 2022 and 2023, respectively.

The report said that the global economic recovery is facing great resistance because of the impact of COVID-19, the continuous labor shortage and supply chain disruption, and rising inflationary pressures.

Liu Zhenmin, Deputy Secretary General of the United Nations responsible for economic and social affairs, said at the press conference on the same day, with the new wave of infection caused by the variation of the COVID-19 COVID-19, the personnel and economic losses caused by COVID-19 are expected to increase further. Without a co-ordination mechanism including universal vaccination and a sustained global response to contain COVID-19, the epidemic will continue to pose a major risk to the inclusive and sustainable recovery of the world economy.

The report said that the employment situation is expected to be much lower than the pre epidemic level in the next two years or more. Labor shortages in developed economies exacerbate supply chain challenges and inflationary pressures. At the same time, employment growth in developing countries remains weak due to the slow progress of vaccination and limited stimulus spending policies. Against the background of weak employment recovery, it is expected that the number of extremely poor people will be much higher than before the epidemic, and the number of poor people in the most vulnerable economies will further increase. By 2023, absolute poverty in Africa will continue to rise. In addition, affected by the epidemic, the employed population of women, especially women in developing countries, will decrease sharply.

The report points out that the limited financial space and financing constraints of many developing countries continue to restrict the government's ability to respond to the epidemic and other related expenditures. In the context of rising inflationary pressure, central banks have begun to relax their unconventional monetary policy in response to the crisis. The fiscal and debt situation is particularly challenging for many low-income developing countries. Unsustainable external debt burden, additional borrowing during the epidemic and increasing debt servicing costs have put many countries on the verge of debt crisis.

Hamid Rashid, the lead author of the report, said at the press conference that developed countries should orderly reduce asset purchases and reduce their balance sheets in order to maintain financial stability and ensure debt sustainability.

On the 11th of this month, the World Bank released the latest global economic outlook report. It is expected that the global economy will grow by 5.5% and 4.1% in 2021 and 2022 respectively, and will further slow down to 3.2% in 2023.


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