World Economic Situation And Prospectus 2023 Report:
UNDESA have produced this report.
Key observations:
- The world economy was much affected by COVID-19 lockdowns and the war in Ukraine in 2022
- World output growth will decelerate to 1.9% in 2023 (from 3% in 2022)
- The economic outlook has “significantly deteriorated due to high food and energy prices, monetary tightening and fiscal vulnerabilities” with average GDP growth projected to moderate to 4.8% in 2023 from 5.6% in 2022
- Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports
- It recommends Reprioritization of public expenditures esp. in education, health and digital infrastructure; more social protection.
About UNDESA:
- The United Nations Department of Economic and Social Affairs (UN DESA) (est. 1948; HQ: New York) is part of the UN Secretariat and assists countries around the world in agenda-setting and decision-making with the goal of meeting their economic, social and environmental challenges (including SDG Goals)
About UNCTAD:
- The United Nations Conference on Trade and Development (est. 1964; HQ: Geneva, Switzerland) is an intergovernmental organization within the United Nations Secretariat that promotes the interests of developing countries in world trade.
