The rapid spread of the novel variant of COVID-19 has slowed the global economic recovery, contradicting the evidence of good growth at the end of last year, according to the UN's key report on the global economy, released on January 13. The decline is likely to continue into the next year. According to the 2022 World Economic Situation and Prospects (WESP) report., following a 5.5% increase in 2021, supported by substantial consumer spending and some investment, with goods trade exceeding pre-pandemic levels, global output is expected to grow by just 4% in 2022 and 3.5% in 2023.
With WESP urging for better targeted and coordinated policy and financial measures, UN Secretary-General António Guterres stated at the report's launch that it is time to close the inequality gaps within and among countries. He stated, "If we work in solidarity – as one human family – we can make 2022 a true year of recovery for people and economies alike."
New waves of COVID-19 infections, persistent labour market, lingering supply-chain constraints, and rising inflationary pressures are among the issues cited in the UN Department of Economic and Social Affairs' (UNDESA) 2022 WESP report. The United Nations Department of Economic and Social Affairs' Under-Secretary-General Liu Zhenmin emphasised the importance of a coordinated, long-term global response to COVID-19, including universal vaccine access, and warned that without it, the pandemic will continue to pose the greatest risk to an inclusive and sustainable recovery of the world economy.
