The United Nations' latest report forecasts a global economic slowdown in 2022 due to the war in Ukraine, rising energy and commodity prices, inflation, and tightening monetary policy. The world economy is projected to grow by 3.1%, with significant risks from further escalation of the war and potential new waves of the pandemic. The US, EU, and Chinese economies are expected to grow by 2.6%, 2.7%, and 4.5%, respectively, while developing countries are projected to grow by 4.1%. The global slowdown will undermine a full and sustainable recovery from the pandemic, particularly affecting developing countries, exacerbating food insecurity and increasing poverty. Monetary tightening by developed countries will increase borrowing costs and further constrain fiscal policy.
