Global output growth to fall to 1.9% in 2023 from 3%: UN report

New Delhi (IANS) The world output growth is projected to decelerate from an estimated 3 per cent in 2022 to 1.9 per cent in 2023, marking one of the lowest growth rates in recent decades, a United Nation’s (UN) report has said.

It has listed a series of severe and mutually reinforcing shocks – the Covid-19 pandemic, the war in Ukraine and resulting food and energy crises, surging inflation, debt tightening, as well as the climate emergency behind the expected deceleration in global output growth in 2023.

The report titled “The World Economic Situation and Prospects 2023” has been released by the United Nation’s department of economic and social affairs.

The report presents a gloomy and uncertain economic outlook for the near term.

“Global growth is forecast to moderately pick up to 2.7 per cent in 2024 as some of the headwinds will begin to subside. However, this is highly dependent on the pace and sequence of further monetary tightening, the course and consequences of the war in Ukraine, and the possibility of further supply-chain disruptions,” the report noted.

The tepid global economic prospects also threaten the achievement of the 17 sustainable development goals (SDGs), when the 2023 SDG Summit in September marks the mid-point of the implementation of the 2030 Agenda, it said.

“This is not the time for short-term thinking or knee-jerk fiscal austerity that exacerbates inequality, increases suffering and could put the SDGs farther out of reach. These unprecedented times demand unprecedented action,” said Antonio Guterres, United Nations Secretary-General, in a foreword to the report.

“This action includes a transformative SDG stimulus package, generated through the collective and concerted efforts of all stakeholders,” he added.

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