Sharp slowdown of global economy hit by series of shocks

The global economy is slowing down sharply — more than a third of the global economy is expected to shrink in 2022-2023. Events around the world have had devastating knock-on effects, including persistently high levels of global inflation, especially in the United States and major European economies. Substantial economic downturn in China resulting from the property crisis, COVID-19-related lockdowns and the impacts of the war in Ukraine have also played a significant role. These shocks are hitting a world economy that experienced unprecedented contractions in 2020 but has not yet recovered from the pandemic’s far-reaching impacts.

Sustainable Development Goals:

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Decent Work and Economic Growth

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