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United Nations Dropped the Global Economy Growth by 3.3% in 2022

Published on May 19, 2022
Current Context: The global economic growth faces a major impact due to the Ukraine war, it has been reduced from 4.0% to 3.3% by United Nations.
United Nations Dropped the Global Economy Growth by 3.3% in 2022
  • As the world is recovering from the COVID-9 Pandemic at a slow pace, suddenly due to war global food and commodity prices have drastically increased and creating inflationary pressures.
  • According to the U.N. Department of Economic and Social Affairs, the downgrade in growth prospects will not only impact the developing countries but also on world’s largest economies like the United States which is expected to grow 2.6% in 2022 and 1.8% in 2022, China which is projected to grow by 4.5% European Union, etc.
  • UN also warned that If there is a further intensification of the Ukraine war creates situation worse and also global economy will go down below 3%.
  • As per the UN forecast, global inflation will be maintained at 6.7% as a result of food prices will increase which directly impacts poor countries.
  • Apart from that it also created a shattering effect on global markets and interrupts financial systems, which in turn develop extreme susceptibilities for developing and underdeveloped countries.
  • The slowdown in economic activities backed to prolonging supply chain interruptions, adversely affecting other developing countries through trade medium.

Question:

Q.1 According to UN Global Economy will drop by what percent?
a. 2.5%
b. 3.3%
c. 4.1%
d. 6.7%
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