Tepid Economic Growth Threatens SDGs, Warns UN Flagship Report | News | SDG Knowledge Hub | IISD The World Economic Situation and Prospects (WESP) report projects world output growth to decelerate to 1.9% in 2023 – a drop of more than a percentage point from 3% in 2022.World Economic Situation and Prospects as of mid-2023 Key messages Average global inflation is projected to decline from 7.5 per cent in 2022 to 5.2 per cent in 2023 amid lower food and energy prices and softening demand especially in the large developed economies. Global economic growth is now projected to reach 2.3 per cent in 2023, an upward revision by 0.4 percentage points from the January forecast. The slowdown in global growth in 2023 is likely to be less severe than previously expected, mainly due to resilient household spending in the developed economies and recovery in China.Achieving Goal 8 will require a wholesale reform of the financial system to tackle rising debts, economic uncertainty and trade tensions, while promoting equitable pay and decent work for young people.Globally, 76 per cent of adults had bank accounts or accounts with regulated institutions in 2021, up from 62 per cent in 2014. The pandemic has accelerated digital adoption and transformed access to finance.However, the youth unemployment rate continues to be much higher than the rate for adults, indicating ongoing challenges in securing employment opportunities for young people. As economies start to recover, the global unemployment rate has experienced a significant decline.Challenging economic conditions are pushing more workers into informal employment. Global real GDP per capita growth is forecast to slow down in 2023. Multiple crises are placing the global economy under serious threat.
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