(MENAFN) Worldwide financial expansion is estimated to decrease from a forecasted 3 percent last year to 1.9 percent this year, indicating one of the worst expansion rates in latest decades, as shown by a UN report issued on Wednesday.
The World Economic Situation and Prospects report stated that a series of severe and jointly strengthening surprises last year, such as the conflict in Ukraine and the impacts of the coronavirus epidemic is going to pressure massively on the world’s economy this year.
Continues peak inflation averaged around 9 percent last year, as shown by the report and worldwide expansion is estimate to moderately pick up to 2.7 percent the next year.
''The near-term economic outlook remains highly uncertain, however, as myriad economic, financial, geopolitical and environmental risks persist,'' according to the report.
Adding, ''The current global economic slowdown cuts across both developed and developing countries, with many facing risks of recession in 2023.''
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