UN raises economic growth forecast for US, China and EU

A United Nations (UN) report released on May 16 forecasts global economic growth to reach 2.3% in 2023, up 0.4 percentage points from the January forecast.

The UN forecasts EU economic growth in 2023 at 0.9%. (Source: Reuters)

Meanwhile, the UN forecasts world economic growth in 2024 to decrease by 0.2 percentage points to 2.5%.

“Despite this increase, the growth rate remains well below the average growth rate in the two decades before the pandemic of 3.1%,” the World Economic Situation and Prospects report released by the UN Department of Economic and Social Affairs said.

While growth prospects for the United States, the European Union (EU) and China have improved, "for many developing countries, the outlook has deteriorated amid tightening credit conditions and rising external financing costs," the UN said.

“The least developed countries are projected to grow by 4.1% in 2023 and 5.2% in 2024, well below the 7% growth target set in the 2030 Agenda for Sustainable Development,” the report also said.

According to the UN, US growth is 1.1% in 2023 - up from a January forecast of 0.4%; the EU is forecast to grow 0.9% - up from 0.2%; and China's growth is 5.3% - up from 4.8%.

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