Browsing: State of the global economy

The UN report by the world body's Department of Economic and Social Affairs said that weakened growth in the United States, the European Union and other developed economies had adversely affected the global economy. www.theexchange.africa
  • The UN report attributes this slowdown to the ongoing COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis.
  • Africa has long been dependent on exports and foreign investment to drive its economic growth.
  • The slow global economic growth also means that African countries will have less access to funding from international organizations like the World Bank and the International Monetary Fund (IMF).

The recent United Nations (UN) report on the state of the global economy has painted a dim picture in 2023, with slow growth projected for the global economy. The report attributes this slowdown to the ongoing COVID-19 pandemic, Russia’s war in Ukraine, high inflation, and the climate crisis.

While the near-term economic outlook remains uncertain, the report forecasts a moderate pick-up of growth to 2.7 per cent in 2024. However, the report also states that “myriad economic, financial, geopolitical, and environmental risks persist.” This means …