Global growth momentum losing steam: UN report

World economy projected to expand by 4% in 2022, 3.5% next year, says UN.

Global growth momentum losing steam: UN report

Global growth is projected to slow down after the strong momentum it gained in 2021, according to the UN.

After expanding 5.5% last year, the world economy is projected to grow by 4% in 2022 and 3.5% in 2023, said the World Economic Situation and Prospects (WESP) report by the UN Department of Economic and Social Affairs (DESA) released on Thursday.

Despite the fact that world gross product in 2021 was up 1.9% from 2019, it was 3.3% below prepandemic projections.

The report noted that the global recovery in output last year was largely driven by robust consumer spending and some uptake in investment.

"Global economic recovery hinges on a delicate balance amid new waves of COVID-19 infections, persistent labor market challenges, lingering supply-chain constraints and rising inflationary pressures," it added.