Global economy to grow by 2.3% in 2023- UN

Global economic growth is predicted to reach 2.3 percent in 2023 and 2.5 percent in 2024, the United Nations stated in a report released on Tuesday.

“Despite this uptick, the growth rate is still well below the average growth rate in the two decades before the pandemic of 3.1 percent,” the World Economic Situation and Prospects report stated.

The UN forecast came in short with the International Monetary Fund (IMF)’s forecast of 2.9 percent.

“While the outlook for the United States, European Union and China had improved, for many developing countries, growth prospects have deteriorated amid tightening credit conditions and rising costs of external financing,” the UN added.

Least developed economies are predicted to grow by 4.1 percent in 2023 and 5.2 percent in 2024, substantially lower than the 2030 Agenda for Sustainable Development’s target, the UN report added.