On October 3, local time, the United Nations Conference on Trade and Development released the "2022 Trade and Development Report", which predicts that the global economy will grow by 2.5% in 2022, and the economic growth rate will slow to 2.2% in 2023.

All regions have been hit by the slowdown, but developing countries are particularly affected, with average growth projected to fall below 3 percent, further squeezing public and private fiscal space and undermining job prospects.

Growth will slow sharply this year in middle-income countries in Latin America and in low-income countries in Africa.

　　UNCTAD Secretary-General Rebecca Greenspan said there was still time to pull the economy back from the brink of recession, and countries had the tools to tame inflation and support all vulnerable groups.

But the current course of action is hurting the most vulnerable, especially in developing countries, and threatens to lead to a global recession.

　　The report highlights the need for increased support for vulnerable groups, including low-wage workers and families in financial distress.

The report warns that monetary tightening is taking a toll on economic, social and climate goals, with the poorest hardest hit.

UNCTAD urged countries to adopt a more pragmatic strategy, employing strategic price controls, windfall taxes, antitrust measures and tighter regulation of commodity speculation.

　　The report noted that monetary and fiscal policies in advanced economies could lead to a global recession and prolonged stagnation.

Rapid interest rate hikes and fiscal tightening in advanced economies, as well as the crisis caused by the superimposition of the COVID-19 pandemic and the Russian-Ukrainian conflict, have turned the global economic slowdown into an economic downturn, and a soft landing is unlikely.

　　The United Nations Conference on Trade and Development also warned that sharp U.S. interest rate hikes would significantly reduce incomes in developing countries.

The currencies of about 90 developing countries have depreciated against the dollar this year, with more than a third of them depreciating more than 10 percent.

There are currently 46 developing countries severely affected by multiple economic shocks, exacerbating the threat of a global debt crisis.

(Headquarters reporter Zhu He)