The UN cut its global growth forecast for 2023

Nevertheless, He maintained that this will depend on the adjustments in monetary policy, what happens in the Ukraine war and the possibility of more problems in the supply chain.

This year, the slowdown will be especially large in some of the world’s most advanced economiessuch as the United States and the European Union (EU).

The institution expects the US gross domestic product (GDP) to grow just 0.4% in 2023 and 1.7% in 2024with lower consumption as a result of high interest rates and a loss of purchasing power for households.

In the EU, expectations are for growth of 0.2% this year and 1.6% next, a sharp reduction with respect to previous forecasts that is explained by the consequences of the war in Ukraine.

Some European countries -among them Germany and Italy- will suffer small recessions in 2023 This is mainly due to high energy prices, inflation and more difficult financial conditions for consumers.

But for Spain, the UN forecasts a growth of 0.9% this year and 2.2% next, while he expects the UK economy to contract by 0.8% in 2023 and to grow by 1% in 2024.

The complex economic environment will be felt by most of the world, with the so-called transition economies expected to contract by 0.8% this year, led by Russia, down 2.9%.

In China, the lifting of many of the restrictions imposed to combat covid-19 will accelerate growth to 4.8% this year from 3% in 2022, but the UN warns that the reopening of the economy will be complicated and that the Asian giant will be far from recovering the rhythm prior to the pandemic.

In the developing countries as a whole, growth of 3.9% is expected this year and 4.1% next yearbut with very different figures depending on the region.

For example, while South Asia will grow by 4.8% and 5.9%, Latin America and the Caribbean will only grow by 1.4% and 2.5%, respectively.