UN forecasts lower global economic growth for 2022 and 2023

The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday

The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday, saying the world is facing new waves of coronavirus infections, persistent labor market challenges, lingering supply chain issues and rising inflationary pressures, Qazet.az reports citing AP.

The U.N. said that after expanding 5.5% in 2021 -- the highest rate of global economic growth in more than four decades -- the world economy is projected to grow only 4% in 2022 and 3.5% in 2023.

Last year’s robust recovery was largely driven by consumer spending, some increase in investments and trade in goods surpassing levels before the COVID-19 pandemic, according to the U.N. World Economic Situation and Prospects 2022 report.