This 2023 edition of the United Nations flagship report, World Economic Situation and Prospects, comes at a pivotal moment for the global economy. The growth of the world’s population to 8 billion people is a testament to improved nutrition, public health and sanitation. But as our human family grows larger, it is more unequal and divided than ever.
Billions of people are struggling; hundreds of millions face hunger and even famine. People in the richest countries can expect to live up to 30 years longer than those in the poorest. Countries in the Global South are drowning in debt, with poverty and hunger increasing as they face the growing impacts of the climate crisis – a case study in inequality.
Vast swathes of the world have no chance of investing in a sustainable recovery from the pandemic, a transition to renewable energy, or education and training so their people can benefit from the digital revolution.
Against this backdrop, World Economic Situation and Prospects presents a grim economic outlook for the near-term.
A broad-based and severe slowdown of the global economy looms large amid high inflation, aggressive monetary tightening, and heightened uncertainties. Many economies are at risk of falling into recession, having barely recovered from the shock of the pandemic.
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