The World Economic Situation and Prospects report as of mid-2022 shows a significant weakening of global growth prospects due to the war in Ukraine, rising energy, food and commodity prices, inflation, and tightening monetary policies by major central banks. The world economy is projected to grow by 3.1% in 2022, down 0.9% from the previous forecast. The US, EU, and China have revised downward growth forecasts, with the EU registering the most significant downward revision. The broad-based slowdown of the global economy will undermine a full, inclusive, and sustainable recovery from the pandemic, particularly affecting developing countries. The war in Ukraine and its effects on energy and commodity prices may also undermine climate action.
