The UN report by the world body's Department of Economic and Social Affairs said that weakened growth in the United States, the European Union and other developed economies had adversely affected the global economy.The UN report by the world body's Department of Economic and Social Affairs said that weakened growth in the United States, the European Union and other developed economies had adversely affected the global economy.
“Global growth is forecast to moderately pick up to 2.7% in 2024, if, as expected, some macroeconomic headwinds begin to subside next year,” it said. “The near-term economic outlook remains highly uncertain, however, as myriad economic, financial, geopolitical and environmental risks persist.” In October, the IMF put a 25% probability of global growth falling below 2% next year – a phenomenon that has occurred only five times since 1970.
It projected that US gross domestic product would only expand 0.4% in 2023, compared to an estimated growth of 1.8% in last year.The IMF in October forecast US economic growth of 1% in 2023 and growth of 0.5% in the EU.