2022 World Economic Situation and Prospect Report – Press Conference | United Nations

United Nations published this video item, entitled “2022 World Economic Situation and Prospect Report – Press Conference | United Nations” – below is their description.

Press conference by Under-Secretary-General Liu Zhenmin and Hamid Rashid, Chief of the Global Economic Monitoring at DESA, on the Launch of the World Economic Situation and Prospect Report 2022.

The report assesses the current developments and outlook for the global economy.

The report is produced by the UN Department of Economic and Social Affairs (DESA), with inputs from the UN Conference on Trade and Development (UNCTAD), and the five UN regional commissions. The UN World Tourism Organization also contributed to the report.

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Launching the World Economic and Social Prospects 20122 (WESP 2022) the Under-Secretary-General for Economic and Social Affairs, Liu Zhenmin, today (13 Jan) said full global recovery from the effects of the COVID-19 pandemic “is still a long way off.”

Briefing reports in New York via teleconference, Zhenmin said, global economic recovery “remains uneven and fragile.”

He said, employment deficits are “disproportionally affecting women and the youth” and a variety of factors “threaten to slow the pace or even reverse the hard-won achievements of the 2030 Agenda for Sustainable Development.”

Zhenmin said, “we must avoid long-lasting scars” and highlighted the need to “ensure universal access to vaccines, adjust debt challenges, ease trade tensions, and reduce carbon emissions.”

He said, “we are at a critical juncture in human history today. The decisions we make, and actions we take today will profoundly affect future generations and shape our common destiny.”

According to WESP 2022, global economic recovery is facing significant headwinds amid new waves of COVID-19 infections, persistent labour market challenges, lingering supply-chain challenges and rising inflationary pressures.

After expanding by 5.5 percent in 2021, the global output is projected to grow by only 4.0 per cent in 2022 and 3.5 per cent in 2023, according to the United Nations World Economic Situation and Prospects (WESP) 2022, which was launched today.

The robust recovery in 2021 – driven by strong consumer spending and some uptake in investment, with trade in goods surpassing pre-pandemic levels — marked the highest growth rate in more than four decades, the Report highlighted. Yet the momentum for growth – especially in China, the United States, and the European Union – slowed considerably by the end of 2021, as the effects of monetary and fiscal stimuli began to recede and major supply-chain disruptions emerged. Rising inflationary pressures in many economies are posing additional risks to recovery.

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