UN to release World Economic Situation and Prospects report
The UN World Economic Situation and Prospects report 2022 is set to be published today.
The report analyzes the state of the world economy, assesses the global and regional economic outlook for 2022 and gives insight into global economic issues. This year’s report will likely focus on global trade recovery, rising government debt, regional disparities and income inequality.
Global growth is expected to decelerate in 2022, after rising 5.5% in 2021. The change reflects the reality of continued COVID-19 flare-ups, diminished fiscal support and lingering supply shortages.
In the pandemic-induced global recession of 2020-21, global debt levels surged to $226 trillion. The report will largely focus on providing support to countries facing unsustainable debt levels and with large, protracted debt service needs. Argentina, for example, is currently in negotiations with the IMF to restructure its $44 billion debt loan.
The pandemic will accentuate long-term income inequality and poverty in countries that are low-income, conflict-affected, and located in Africa. COVID-19 has had a disproportionate impact on low-income citizens resulting from uneven economic recovery, inequitable vaccination access and widening incomes losses. As 100 million more individuals entered into extreme poverty in 2021, expect the report to address long-term inequality implications of COVID-19.
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