World Economic Situation and Prospects (WESP) mid-year update

A sudden escalation of trade tensions has sent shockwaves through the global economy, dampening growth prospects while fueling uncertainty and inducing financial market volatility.

After years of turbulence and significant volatility in economic output, the world economy is on a more stable trajectory.

The global economic outlook has improved since January, with major economies avoiding a severe downturn. The world economy is now projected to grow, on the back of better-than-expected performance of the United States economy and some improvement in the outlook for several large emerging economies.

The world economy is in the doldrums, with weak economic growth, stubborn inflation and rising interest rates in the major developed economies clouding the near-term economic outlook. Legacy effects of the COVID-19 pandemic, the protracted war in Ukraine, exacerbating effects of climate change are impeding a rebound of global growth.

As we enter May 2023, the global economic situation remains highly uncertain amid an extraordinary confluence of recent shocks that have affected countries across the world.

Global growth prospects have weakened significantly amid the war in Ukraine, rising energy, food and commodity prices, soaring inflation and tightening monetary policy stances by major central banks.

The World Economic Situation and Prospects as of mid-2022, set to be released on 18 May 2022, will delve into the multitude of local, regional, and global economic consequences of the current war in Ukraine. The war, which erupted in February 2022, has ...

While the global growth outlook has improved, led by robust rebound in China and the United States, surging COVID-19 infections and inadequate vaccination progress in many countries threaten a broad-based recovery of the world economy.

Selon les dernières prévisions des Nations Unies, publiées aujourd’hui, si les perspectives de croissance mondiale s’améliorent, une recrudescence du nombre de personnes contaminées par la COVID-19 menacent une relance générale de l’économie mondiale.