The report expects the world economy to grow by 2.6% in the year 2022. This is 0.9 percentage points lower than last year's projected rate. Growth is expected to slow further to 2.2% in 2023.
According to the report, Russo- Ukraine war as well as rapidly rising interest rates and fiscal tightening in advanced economies, have already turned the global recession into a global financial recession.
Monetary and fiscal policies of advanced economies can trigger a global recession and prolonged stagnation. This could make the situation worse than the financial crisis of 2008 and the COVID-19 induced shock of 2020.
Indian Economy
According to this report, the Indian economy will grow by 5.7% in the year 2022 and 4.7% in the year 2023. According to the 2022 report, the country's economic activity is being affected by weak public spending and high financing costs.
United Nations Conference on Trade and Development (UNCTAD)
Established in 1964, the United Nations Conference on Trade and Development (UNCTAD) promotes the development of developing countries by promoting their integration into the world economy. It is a permanent intergovernmental body. It is headquartered in Geneva, Switzerland.
