A report published by the United Nations on Tuesday predicted that the global economy will grow 2.3% in 2023, up 0.4 percentage points from the January forecast, while the forecast for 2024 fell by 0.2 percentage points to 2.5%.
The report on the global economic situation and prospects issued by the United Nations Department of Economic and Social Affairs said that "despite this rise, the growth rate is still well below the average growth rate of 3.1% in the two decades preceding the Corona pandemic."
The United Nations forecast was lower than those of the International Monetary Fund, which said earlier this year that global growth would fall to 2.9 percent in 2023 from 3.4 percent in 2022 and rise slightly in 2024 to 3.1 percent.
The United Nations said the outlook for the United States, the European Union and China had improved, but growth prospects for many developing countries had deteriorated amid tighter credit conditions and a rising cost of external financing.
Least developed countries are expected to grow 4.1 percent in 2023 and 5.2 percent in 2024, well below the 7 percent growth target set in the 2030 Agenda for Sustainable Development, the report said.
The report predicted that the United States will grow by 1.1% in 2023, up from a forecast of 0.4% in January, that the European Union will grow by 0.9% in 2023, up from 0.2%, and China 5.3%, up from 4.8%.