UN forecasts lower global economic growth for 2022 and 2023 | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

UN forecasts lower global economic growth for 2022 and 2023 | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

The United Nations forecast lower global economic growth for 2022 and 2023 on Thursday, saying the world is facing new waves of coronavirus infections, persistent labour market challenges, lingering supply chain issues and rising inflationary pressures. The U.N. said that after expanding 5.5% in 2021 -- the highest rate of global economic growth in more than four decades -- the world economy is projected to grow only 4% in 2022 and 3.5% in 2023, The Associated Press (AP) reported. Liu Zhenmin, the U.N. undersecretary-general for economic and social affairs, said at a news conference releasing the economic report that two years after the start of the COVID-19 pandemic “we are still living in a time of great uncertainty.” “At the start of 2022, the global economic picture in the market is still murky,” he said. “Job creation has not yet made up for the earliest losses with the employment deficits disproportionately affecting women and youth. At the same time, the spread of a new COVID-19 virus, supply challenges, rapidly rising inflation in many parts of the world, and the looming debt challenges are clouding the economic outlook.” Last year’s robust recovery was largely driven by consumer spending, some increase in